CEO of Liberty Mutual Sees Bonus Cut
As companies do well there are bonuses given out and employee’s directors and even CEOs are rewarded. Although if the company performance reflects poorly for the year you may see not as much of a bonus or any at all. It could come to a complete surprise to many of you if you’re ever in this situation, but in this case, the CEO of Liberty Mutual David long saw his bonus pay due to the company’s underwhelming performance in the year of 2018.
David Long has received quite sizeable bonuses throughout the performance of Liberty Mutual. As of late in the past couple of years, he has seen quite a bit of a reduction as well. When compared to last year long received a 17 million-dollar compensation when compared to the year prior it is quite lesser than the 19.7 million dollars he received. According to the Liberty Mutual website and their executive compensation information the Chiefs total pay took a hit simply because the reduction of his bonuses. Has been noted that his bonus pay has dropped to 5.1 billion to 2018 from 8.3 million and 2017. It has been reported that you Liberty Mutual bases their bonuses on their senior Executives according to the company’s performance the year prior. Evidently, this means did David Long’s bonuses or affected due to company performances in the year of 2017.
Let’s give a little bit of a background on 2017 was like for Liberty Mutual Insurance. Every company how’s it going to remain profitable as the years go on. Although in the insurance industry profitability highly depends on the number of claims they have to issue. In 2017 Liberty Mutual Insurance saw a huge decline in their profitability. It was noted that they had a 98% plunge from previous year. This is highly due to inclement weather such as hurricanes that occurred throughout that period. Although it has been reported that the company hasn’t solely experienced the setback just through inclement weather, they also experienced commercial automobile policies as well as the federal tax overhaul.
No matter what the case is Liberty Mutual Insurance have a strong presence in the market and we are sure that they’ll see steady growth you’re over year. Despite the fact that David Long Was taking home much less than the year before she is likely to see bonus increase is Liberty Mutual Insurance maintain steady growth.
As long ranks one of the highest paid Executives in the Boston area it goes without saying that this trend likely continues year in and year out. He is likely to see a bonus jump from the previous years in 2019 due to the company’s outstanding performance. The company’s profits exceeded a 2 billion dollar Revenue when compared to 17 million dollars in 2017. This margin is based on catastrophes like a hurricane that haven’t been present