(Crain's) — Northern Trust Corp. CEO Frederick "Rick" Waddell saw his total compensation for 2009 rise 42% to $11.9 million, including a $2-million cash incentive plan payment.
His 2009 salary increased to $900,000 from $856,250 in 2008, when that salary was the only cash payment Mr. Waddell received. Total compensation for the CEO in 2008 was $8.4 million.
Northern Trust has remained profitable throughout the financial crisis with the exception of the third quarter of 2008, and it reported record net income of $864.2 million last year.
In June it repaid $1.58 billion in preferred shares sold to the Treasury Department under the Troubled Asset Relief Program. Most banks that remain subject to the TARP program have interpreted federal compensation restrictions tied to it as precluding them from paying cash awards to senior executives beyond salary.
In addition to the cash payments, Mr. Waddell received restricted stock in 2009 worth $2.6 million and options worth nearly $5 million.
Northern Trust was founded in 1889 by Byron Laflin Smith and was run by his descendants until 1979. The Smith family continues to hold a substantial equity stake.
No comments:
Post a Comment