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Wednesday, September 30, 2009
News / Biz Bank modifies executive pay
Posted By Rhiannon Fionn-Bowman on Wed, Sep 30, 2009 at 1:25 PM
With what looks to be a list of huge raises, which double and even triple base salaries, Fifth Third drops some of the game playing.
Fifth Third Bancorp has modified its compensation for senior executives to comply with the federal Troubled Asset Relief Program. The executives will enjoy larger salaries but receive less in other forms of compensation.Top executives had to sacrifice some compensation before TARP rules took effect June 15, according to a Fifth Third filing with the Securities and Exchange Commission. The TARP rules prohibit cash bonuses and greatly limit the use of long-term incentives.
Kabat’s $900,000 base salary was raised to $3.1 million, with $2.1 million in phantom stock. Sullivan’s $566,000 salary becomes $1 million, with $375,000 in phantom stock. Poston’s $310,000 base salary increased to $700,000, with $312,000 in phantom stock. Carmichael’s $570,000 base salary was raised to $1.5 million, with $743,000 in phantom stock.
The U.S. Treasury issued final rules in June that restricted compensation for all companies that received TARP assistance. Fifth Third received $3.4 billion in TARP money by selling preferred stock to the government.
The restrictions apply to the senior executives listed in the company’s proxy statement and the next 20 most highly paid employees.
Read the entire Charlotte Business Journal article here.
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