Manulife recently promised to pay retiring chief executive officer Dominic D'Alessandro $12.5-million (U.S.) this year in recognition of his "extraordinary performance" at the company.Manulife Financial's share price plunged 49% last year, so this "Golden Handshake" of sorts should not be seen as a bonus for 2008 or 2009, but more as a bonus for taking Manulife from where it was 15 years ago to where it is today. He will be paid $2.5-million in cash and $10-million in restricted share units.
Mr. D'Alessandro will work just five months of 2009 and plans to retire in May, when he will be eligible to collect an annual pension of $3-million (Canadian). Perhaps he'll write a book, or teach a class at the local community college?
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