T. Rowe Price president and CEO James Kennedy collected $5.7 million last year, representing a drop of 28 percent in his total compensation, Reuters reports. His base pay was flat at $350,000. T. Rowe will pay him the same salary for 2009.

Kennedy's payment under T. Rowe's incentive program fell by almost a a third to nearly $3.9 million. Discussing the incentive award to top executives, the company stated in a proxy statement on Wednesday that although its investments and incoming cash from investors declined, "on a relative basis compared to other financial services companies we suffered minimal adverse consequences to our financial condition and business from the dramatic market conditions faced in 2008."

T. Rowe awarded Kennedy $1.4 million in stock options on September 4. In addition, Kennedy received $53,970 in other compensation.

For the whole of 2008, T. Rowe earned $490.8 million, down 27 percent from a year earlier. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE