Summary
Arch Capital Group Ltd. (ACGL) filed an 8-K on March 6, 2007, detailing the annual incentive cash bonuses awarded to its executive officers for 2006 performance. These bonuses were authorized by the Compensation Committee and the Board of Directors on February 27 and 28, 2007, and were paid under the company's Incentive Compensation Plan using a subjective target bonus approach. The key takeaway for investors is the significant bonus awarded to the CEO, Constantine Iordanou, at $3.5 million, reflecting his leadership role and the company's performance. Other named executive officers also received substantial bonuses, with the CFO, John D. Vollaro, receiving $1 million, and senior executives Ralph E. Jones III, Marc Grandisson, and W. Preston Hutchings receiving $900,000, $900,000, and $800,000 respectively. Notably, base salaries for these executives remained unchanged from their 2006 levels, indicating that the primary focus of executive compensation for 2006 performance was through these incentive bonuses.
Key Highlights
- 1Arch Capital Group Ltd. (ACGL) announced 2006 annual incentive cash bonuses for its executive officers.
- 2CEO Constantine Iordanou received the largest bonus at $3.5 million.
- 3CFO John D. Vollaro was awarded a bonus of $1 million.
- 4Other key executives, including Ralph E. Jones III and Marc Grandisson, received bonuses of $900,000 each.
- 5W. Preston Hutchings received a bonus of $800,000.
- 6Bonuses were awarded under the company's Incentive Compensation Plan using a subjective target bonus approach.
- 7Base salaries for all listed executive officers remained unchanged from their year-end 2006 levels.