Liberty Mutual CEO's Pay Up 24% To $6.6 Million Last Year

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The CEO of Liberty Mutual Holding Company Inc. made $6.63 million last year, up 24 percent from 2012, not including $4.67 million in incentives that will provide value in future years and depend on the company's performance.

Company CEO David H. Long's compensation included $1.08 million in salary, $4.91 million in a bonus, $327,380 in value realized on restricted units and $318,983 in "other compensation," according to a Massachusetts state filing made public Friday.

This is the second year that mutual insurance companies in Massachusetts such as Liberty Mutual or Massachusetts Mutual Life Insurance Co. have disclosed their executives' compensation.

A Massachusetts law took effect July 1, 2012, requiring mutual insurers to publicly reveal their executives' compensation, which had not been public before.

Mutual insurers are owned by policyholders, unlike publicly traded companies owned by shareholders. Publicly traded companies disclose executive compensation each spring in a proxy filed with the U.S. Securities and Exchange Commission.

Mutual companies don't have stock, which is offered to executives at publicly traded companies as an incentive to boost the company's performance. Mutual companies do, however, use performance units which act as phantom stock, emulating a company's market value. In Liberty Mutual's case, appreciation units and restricted units "will provide a value at a future date based on the company's book value when they are redeemed by an executive," according to the company.

Liberty Mutual's Chief Financial Officer Dennis J. Langwell was compensated $2.15 million, not including $1.05 million in appreciation units and restricted units that will provide value in future years and depend on the company's performance.

Chief Investment Officer A. Alexander Fontanes was compensated $3.99 million, not including $1.65 million in appreciation units and restricted units that have value in the future.

Executive Vice President Timothy Sweeney was compensated $3.7 million, not including $1.5 million in appreciation units and restricted units.

Executive Vice President J. Paul Condrin III was compensated $3.7 million, not including $1.62 million in appreciation units and restricted units.

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Liberty Mutual CEO's Pay Up 24% To $6.6 Million Last Year

Liberty Twp. mega retail project misses another deadline

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LIBERTY TWP.

Details of a public debt issue have yet to be finalized for construction on a mega retail development slated for Liberty Twp., and no new tenants have been announced, causing the developer and local government representatives to miss another deadline for the building project.

Columbus-based developer Steiner + Associates, the same developer of Easton Town Center in Columbus and The Greene in Beavercreek, plans to build an approximately 1.4 million-square-foot mixed-use shopping, office and residential complex at the intersection of Ohio 129, Interstate 75 and Liberty Way. The projects first phase is expected to be a more than $300 million investment encompassing 65 acres.

Liberty Center, as the projects called, would have a similar tenant lineup as Easton, developers say. However, Liberty Center initially will be bigger than Easton or The Greene were when they opened, Steiner + Associates founder Yaromir Steiner previously told this newspaper.

The developer and local governments Butler County and Liberty Twp. missed a March 1 deadline for securing public financing, and naming additional tenants.

Some requirements were met, however. They include buying the final piece of land, and forming a homeownership association for the propertys future maintenance.

The project is moving along just fine. Probably the most important date from the countys perspective is the opening date, which is and remains September 2015, said Butler County Administrator Charlie Young.

Its been nine months since a master development agreement was reached between the developer, county and township. The agreement, signed July 2013, committed a maximum $43 million in public money for the project, and in exchange, the contract placed a number of safeguards for protecting the government investment.

Among the safeguards was a so-called trigger date. Certain things were supposed to have been completed by Nov. 1, 2013, or else the contract could be terminated with no obligations. They included having the projects public and private financing in place, and for more anchor tenants to have signed leases, according to a copy of the public agreement.

Tenants announced to date are department store Dillards and dinner-and-movie theater CineBistro.

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Liberty Twp. mega retail project misses another deadline

Islands of Adventure: Dudley Do-Right’s Rip Saw Falls off ride POV 1080p – Video

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Islands of Adventure: Dudley Do-Right #39;s Rip Saw Falls off ride POV 1080p
This is just a short video of Dudley Do-Right #39;s Rip Saw Falls from an off ride perspective. We didn #39;t video much of this ride because it is a water ride and ...

By: Theme Park Maniacs

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Islands of Adventure: Dudley Do-Right's Rip Saw Falls off ride POV 1080p - Video

Marshall Islands says climate change behind floods

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AFP Marshall Islands says climate change behind floods

Majuro (Marshall Islands) (AFP) - Officials in the Marshall Islands blamed climate change Wednesday for severe flooding in the Pacific nation's capital Majuro which has left 1,000 people homeless.

The Marshalls declared a state of emergency in the wake of the flooding, which peaked Monday when surges caused by so-called "king tides" inundated areas of the low-lying capital.

Senator Tony de Brum, the Minister Assisting the President, said king tides were a regular phenomenon, but not at the damaging levels seen this week.

"This is far, far from being a normal situation," he told the Australian Broadcasting Corporation.

"I put that down to climate change... these things are far more intense than before and leave more destruction behind than they used to."

Alson Kelen, a resident of a small island located about a mile from the downtown area of Majuro, said this week that the king tide was the highest he had ever experienced.

The UN Office for the Cooordination of Humanitarian Affairs said there had been no reports of fatalities or serious injuries due to the flooding.

Climate change is a major concern for Pacific island states such as the Marshals, Kiribati and Tuvalu, where many atolls are barely a metre (three feet) above sea level and risk being engulfed by rising waters.

The Pacific Islands Forum regional bloc signed a declaration calling for renewed global efforts to contain global warming when they met in Majuro last September.

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Marshall Islands says climate change behind floods

AFFORDABLE CARE ACT: Murray Outlines Success Stories of State Health Care Marketplace – Video

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AFFORDABLE CARE ACT: Murray Outlines Success Stories of State Health Care Marketplace
U.S. Senator Patty Murray (D-WA) delivered a speech on the Senate floor highlighting the success of the Affordable Care Act, focusing on her home state Marke...

By: Senator Patty Murray

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AFFORDABLE CARE ACT: Murray Outlines Success Stories of State Health Care Marketplace - Video

Putting cancer patients first: Payment reform in an age of personalized care – Video

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Putting cancer patients first: Payment reform in an age of personalized care
During this half-day symposium, panelists will consider the opinions of policymakers, health care providers, patients, and other stakeholders in determining ...

By: American Enterprise Institute

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Putting cancer patients first: Payment reform in an age of personalized care - Video

Thursday, "Panic on the Streets of Health Care City" DRUM COVER – Full song – Video

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Thursday, "Panic on the Streets of Health Care City" DRUM COVER - Full song
Dennis Scelza plays Thursday #39;s "Panic on the Streets of Health Care City", recorded originally on 2001 #39;s Kill the House Lights. Recorded @ DMC 2014 Thursday(...

By: Dennis Scelza

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Thursday, "Panic on the Streets of Health Care City" DRUM COVER - Full song - Video