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TORONTO (Reuters) - Manulife Financial (MFC.TO) paid Chief Executive Don Guloien $8.7 million in 2011, a 6.5 percent pay cut from the previous year, Canada's largest insurer said on Friday.
Guloien, who has shepherded the company through a rebuilding phase as it tries to reduce its exposure to weak financial markets, earned just under $986,550 million in base salary, $5.4 million in stock and option awards, $1.59 million in non-equity incentive compensation, and $568,300 in pension value.
"Under Mr. Guloien's leadership, the company made significant progress on our plan to strategically reposition the business to drive long-term shareholder value," Manulife said in securities filing.
Guloien was paid $9.3 million in 2010.
Reporting By Cameron French; Editing by Peter Galloway