Zenith's Zax Getting a $250K Pay Raise

Zenith Insurance Co. reported Wednesday that Chairman and President Stanley Zax will get a $250,000 pay raise next year. The firm reported in a filing with the Securities and Exchange Commission that the compensation committee of its board of directors voted Wednesday to increase Zax's annual salary from $1.5 million to 1.75 million -- a 16.7% increase. Zenith said Zax's employment agreement provides that his annual compensation for 2005 through 2009 shall be $1.5 million, subject to such increases as the board of directors may determine from time to time. Zenith is California's fourth larg...