ACE Limited 2006 Executive Officer Cash Compensation Description
This document outlines the 2006 annual base salaries for ACE Limited's top executive officers, including the CEO, CFO, and other key executives. It also notes that these officers are eligible for annual bonuses, determined in early 2007, and may receive various personal benefits such as housing allowances, use of company vehicles, and retirement plan contributions. The base salaries for 2007 will be set in the first quarter of that year.
Exhibit 10.24
ACE LIMITED
DESCRIPTION OF EXECUTIVE OFFICER CASH COMPENSATION
FOR 2006
Set forth below are the 2006 annual base salaries of the Chief Executive Officer, the Chief Financial Officer and each of the three other most highly compensated executive officers in 2006 who were executive officers as of December 31, 2006.
Evan Greenberg, President and Chief Executive Officer
$1,000,000
Philip Bancroft, Chief Financial Officer
$670,000
Robert Cusumano, General Counsel and Secretary
$500,000
Brian Dowd, Chief Executive Officer Insurance-North American
$625,000
Paul Medini, Chief Accounting Officer
$400,000
In addition to the above, these officers receive an annual bonus for 2006 that is determined in the first quarter of 2007 and perquisites and other personal benefits that may include housing allowances, personal use of the Company aircraft, relocation expenses, club memberships, private drivers, financial planning, car allowance or Company leased vehicle, home security, personal apartment costs and long service awards, tax gross ups and contributions to retirement plans. The annual base salaries for 2007 for these officers are determined during the first quarter of 2007.
