Pay for Mr. Mansueto, who owns 52.5% of the financial information provider and declines bonuses, declined about 6% to $100, 202 last year from $106,145 in 2008, according to the Chicago-based company’s proxy filing Thursday with the Securities and Exchange Commission.
Bigger pay reductions came for three of the four next-highest-ranking officers. Chief Financial Officer Scott Cooley took a compensation cut of 34%: His pay last year dropped to $655,182, from about $1 million in 2008.
“During 2009 our executives achieved many key operational goals in an effort to improve efficiencies and control expenses, but nevertheless corporate profitability declined in a much tougher business environment than in the past,” the company said in the filing.
Morningstar's compensation committee awarded the lower bonus amounts for three executives in light of the lower profitability on Mr. Mansueto’s recommendation, the filing said.
The company had earlier reported that 2009 consolidated net income declined 11% to $82.3 million and revenue slipped for only the second time in the company’s 26-year history, dropping 4.7% to $479 million.
Pay for Chief Operating Officer Tao Huang fell just 7% to $2.33 million, mainly because the compensation committee decided to give him a maximum bonus to make up for unexpected past taxes that were applied to Morningstar stock options he was granted in 2000.
Stock awards last year for all of the executives were about the same as those granted in prior years. Mr. Mansueto, who owned 25.6 million shares as of March, does not accept stock awards.
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