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June 30, 2014 Reporter's Notebook

Former Stanley chairman Archibald is CT's top paid exec.

Former Stanely Black & Decker executive chairman Nolan D. Archibald has been off the CEO hot seat for four years, but his bank account hasn't been sitting idle.

Archibald earned $52.5 million in total compensation last year, thanks to a $51.7 million cash bonus he received as a result of his former company's successful 2010 Stanley Works-Black & Decker merger. That healthy payout made Archibald the highest-paid executive of a Connecticut-based company in 2013, according to this week's Hartford Business Journal Book of Lists, which appears on PG. 9 of this issue. Archibald's 2013 payout was nearly double what the state's second highest-paid executive, Aetna CEO Mark Bertolini, earned in 2013, which was $30.7 million.

Archibald was the CEO of Maryland-based Black & Decker when the company agreed to a $4.5 billion merger with New Britain toolmaker Stanley Works in 2010. After the deal was complete, Archibald agreed to become the combined company's executive chairman before retiring in 2013. Last year, he received a $51.7 million cash payout, according to a U.S. Securities & Exchange Commission proxy statement, that included a “synergy” bonus granted as a result of the company ringing out $350 million in post-merger cost savings, which included layoffs in Connecticut. In 2012, Archibald's total pay package was valued at $10.6 million.

Of the top 20 highest-paid Connecticut executives, almost half came from Stanley and Fairfield's General Electric. GE chairman and CEO Jeffrey Immelt was the state's fourth highest-paid executive raking in a total 2013 pay package of $19.8 million. Stanley's current CEO and chairman John Lundgren, made $10.7 million.

In Hartford, United Technologies Corp. CEO Louis Chenevert saw his pay package fall 26.4 percent to $20.3 million last year, while Liam McGee, the outgoing CEO of The Hartford Financial Services Group, pulled in a total pay package of $17.7 million, up almost 60 percent from a year earlier.

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