Cigna Corporation (NYSE:CI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 26, 2017, the Board of Directors of Cigna Corporation ("Cigna") approved, upon the recommendation of the People Resources Committee of the Board, compensation changes for David M. Cordani, President and Chief Executive Officer. In addition, on July 25 and 26, 2017, the People Resources Committee approved compensation changes for Nicole S. Jones, Executive Vice President and General Counsel, and Jason D. Sadler, President, International Markets. Mr. Cordani's and Mr. Sadler's Management Incentive Plan ("MIP") award target and Long-Term Incentive ("LTI") award targets were last increased in December 2014. Ms. Jones' MIP target was last increased in December 2014, and her LTI target was last increased in December 2011. Base salaries for Mr. Cordani, Ms. Jones and Mr. Sadler were last increased in March 2015.
Effective July 31, 2017, the base salary for Mr. Cordani, Ms. Jones and Mr. Sadler is $1,400,000, $630,000 and $650,000, respectively. The target award for 2017 MIP for Mr. Cordani, Ms. Jones and Mr. Sadler is $2,800,000, $680,000 and $650,000, respectively. The target for future LTI awards for Mr. Cordani, Ms. Jones and Mr. Sadler is $10,000,000, $1,690,000 and $1,500,000, respectively. The changes to LTI targets do not impact outstanding LTI awards and do not represent new awards.
About Cigna Corporation (NYSE:CI)
Cigna Corporation (Cigna), together with its subsidiaries, is a health services company. The Company offers medical, dental, disability, life and accident insurance and related products and services. The Company’s segments include Global Health Care, Global Supplemental Benefits, Group Disability and Life, Other Operations and Corporate. The Global Health Care segment aggregates the commercial and Government operating segments. The Global Supplemental Benefits segment offers supplemental health, life and accident insurance products primarily in Asia, Europe and the United States. The Company’s Global Supplemental Benefits segment offers supplemental health, life and accident insurance products primarily in Asia, Europe and the United States. Its products are offered through employers and other groups, such as Governmental and non-Governmental organizations, unions and associations. Cigna also offers commercial health and dental insurance, and Medicare and Medicaid products and health.
