Chiarello, 53, will receive an annual base salary of $1 million and a bonus of no less than $2.5 million for 2013, Atlanta-based First Data said today in a regulatory filing. He will also be granted a signing bonus of $6.5 million that can be clawed back if he quits or is terminated for cause within two years, according to the filing.
First Data, owned by private-equity firm KKR & Co., recruited Bisignano in April from the biggest U.S. bank by assets. First Data, the largest merchant acquirer in the U.S., helps retailers accept credit- and debit-card payments.
Chiarello was CIO of JPMorgan for about five and a half years and held technology roles at New York-based Morgan Stanley for 23 years, according to the filing. The Wall Street Journal reported in May that Chiarello was leaving JPMorgan.
Technology and security were among Bisignano’s responsibilities as co-COO, and he held executive roles within the payments industry earlier in his career. Bisignano, 53, was Citigroup Inc.’s CEO of global transaction services from 2002 to 2005 and executive vice president of consumer lending in the early 1990s for First Fidelity Bancorp.
Matt Zames became JPMorgan’s sole COO when Bisignano left the bank.