Jefferies Sets $1 Million CEO Pay, Bonus Up to $12 Million
Jefferies Group Inc. (JEF) set a $1 million salary for both its chief executive officer and the chairman of its executive committee, along with an annual bonus of as much as $12 million.
The sums apply to CEO Richard B. Handler, and Brian P. Friedman, who leads the executive committee, for 2013 through 2015, according to a filing today from the New York-based investment bank. The pair will also receive as many as 830,140 shares each of restricted stock annually.
Handler, 51, who has led the firm since 2001, is credited with building Jefferies from an equity-trading shop into a full- scale investment bank. He was awarded $14 million for the fiscal year ended Nov. 30 after declining a $4.88 million bonus as the firm’s shares slid 48 percent last year. The package included $1 million in salary and $13 million in restricted-stock units that were granted in 2010, Jefferies said in a March 28 filing.
Friedman, 56, was granted a $10.5 million package for fiscal 2011, the March filing shows, including a $750,000 salary and $9.75 million in restricted stock units that were granted in 2010. Friedman also gave back his bonus in 2011, the firm said.
Jefferies reported yesterday that profit rose 2.8 percent in the third quarter, beating analysts’ estimates as trading revenue more than doubled. Net income for the three months ended Aug. 31 was $70.2 million, or 31 cents a share, compared with $68.3 million, or 30 cents, a year earlier, the firm said in a statement. Earnings adjusted for one-time items were 32 cents a share, compared with the average estimate of five analysts surveyed by Bloomberg for 26 cents a share.
Jefferies gained 1 percent to close at $14.66 in New York trading. The firm’s shares have climbed 6.6 percent this year.
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