MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, March 16, 2004 State Street Chiefs See Bonus Cuts A decline in earnings cost three top State Street Corp. executives a portion of their bonuses, according to a proxy filing made with the SEC. David Spina, chairman and chief executive, saw his bonus fall by one third to $1.2 million from $1.8 million in 2002. Meanwhile, John Towers, vice chairman, saw his bonus chopped 44 percent to $420,000 and Ronald Logue, president and chief operating officer has his climbed to $650,000 from $900,000. The cuts came after total earnings at the custodian and asset manager fell 29 percent to $722 million in 2003 compared to 2002. The executives' bonuses were based on targets for per-share earnings. Those earnings fell to $2.15 a share from $3.10 in 2002. Despite the poor showing in 2003, the State Street board raised Spina's salary and other compensation by 5.4 percent to $1.09 million. He was also awarded 308,200 options valued at $9.7 million assuming a five percent annual gain in the share price over 10 years. Towers' compensation was raised 4 percent to $649,213, while Logue's was upped 3.3 percent to $851,499. Printed from: MFWire.com/story.asp?s=6835 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |