April 07--Allstate Corp. Chief Executive Tom Wilson's total compensation fell by 16 percent last year, to $15.6 million, despite an increase in salary.
In 2014, the board of the Northbrook-based home and auto insurer boosted his salary by 4 percent to $1.15 million, noting that his last salary increase was in 2010, according to a Securities and Exchange Commission filing.
The main reason for the drop was a reduction in Wilson's nonequity incentive plan compensation, from $6.6 million to nearly $4.1 million.
"Given the company's solid financial results, the annual incentive payout for each named executive for 2014 exceeded target," the proxy said. "However, the company's performance did not reach the maximum levels set by the committee," resulting in a 44 percent average decrease in top executives' annual cash incentives from 2013.
The proxy noted that under Wilson's leadership Allstate grew across brands and customer segments in 2014 while "generating excellent profitability" despite greater losses from severe weather. Also, the Allstate brand increased both auto and homeowners policies on its books. Allstate also had dividends and stock buybacks totaling $2.78 billion, the proxy said.
Wilson also had "other" compensation of nearly $95,000, of which nearly $60,000 was the personal use of aircraft.
In 2013, he had "other" compensation of $54,000.
byerak@tribpub.com
