BlackRock’s Fink Earned $21.9 Million in 2011 as Pay Fell 8%
BlackRock Inc. (BLK), the world’s biggest money manager, paid Chief Executive Officer Laurence D. Fink $21.9 million in 2011, an 8 percent decrease from the prior year.
Fink received $500,000 in salary, $8.1 million in a cash bonus, $13.1 million in stock awards and $192,250 in other compensation, according to a regulatory filing today that calculated pay using U.S. Securities and Exchange Commission rules. Fink earned $23.8 million in total compensation in 2010, according to the filing.
Fink, 59, oversees $3.51 trillion in assets as head of BlackRock. Richard M. Weil, who directs $148 billion as CEO of Janus Capital Group Inc. (JNS), earned $6.15 million in 2011 compared with $20.3 million the year before, according to a regulatory filing.
The decrease in Fink’s compensation resulted from his bonus declining 20 percent from $10.2 million and other compensation dropping 46 percent from about $359,000 a year earlier. BlackRock President Robert S. Kapito’s compensation fell 7.3 percent to about $17 million, also driven by a reduction in bonus.
BlackRock’s shares fell 6.5 percent last year, compared with a 20 percent decline in the 20-member Standard & Poor’s index of asset managers and custody banks. Net income for New York-based BlackRock in 2011 rose about 13 percent from a year earlier to $2.34 billion. Assets under management fell 1.4 percent in 2011.
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