SunTrust Banks Inc., the Georgia lender that has yet to repay $4.85 billion in taxpayer bailout funds, reported a 34 percent increase in Chief Executive Officer James Wells’s 2010 compensation.
Wells’s total $10.3 million included $4.5 million in pay to be collected later, primarily boosted by the changing value of his pension benefits, the bank said today in a regulatory filing. He received $4.6 million in stock, more than three times as much as the previous year, it said. His salary was unchanged at $1.1 million, and he didn’t get a cash bonus or stock options. The bank reported a $3.3 million option award for 2009.
SunTrust, led by Wells since January of 2007, returned to quarterly profits last year for the first time since 2008 as it set aside less money to cover bad loans. The company may sell stock to repay funds received under the $700 billion Troubled Asset Relief Program, Wells, 64, told analysts last month.
He declined more than 552,900 stock options that were awarded for 2009, according to the filing. Had he accepted the grant, his total compensation for 2010 would have fallen 37 percent from the year earlier, the Atlanta-based company said.
SunTrust climbed 0.2 percent to $30.62 at 4:15 p.m. in New York Stock Exchange Trading today. The shares have advanced 35 percent in the past 12 months.
No comments:
Post a Comment