E*Trade's Christos M. Cotsakos has agreed to return a portion of his 2001 compensation and rework his two-year contract after details of his $80 million pay package were disclosed.

Cotsakos is returning $6 million that had been contributed to his Supplemental Executive Retirement Plan account and another $15 million worth of restricted stock. For the next two years he agreed to take a zero base salary and a bonus based on E*Trade's performance. He also agreed to scale back the severance package he gets if there is a change of control in the company.

"I have listened to shareowner concerns and want to dispel any doubt that my commitment to the success of this company is unwavering," Cotsakos said in a statement.  

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