Discover Awards CEO Nelms $1.95 Million Bonus for 2013

Discover Financial Services (DFS) awarded Chief Executive Officer David Nelms a 2013 cash bonus that was 38 percent less than the previous year.

Nelms was awarded a $1.95 million bonus for his work last year, compared with $3.13 million for 2012, the Riverwoods, Illinois-based credit-card issuer said today in a filing with the U.S. Securities and Exchange Commission. His total package for 2012 was $11.5 million, which included a long-term stock award of $7.4 million that reflects 2012 performance, according to the filing.

Nelms received a $1 million salary in both years, according to the filing. Discover didn’t report the CEO’s long-term stock tied to 2013 performance. Nelms, 53, joined Discover in 1998 and is also the firm’s chairman.

In addition to his 2013 pay, Discover gave Nelms a one-time award of $10.8 million in restricted stock “designed to promote retention and support continued progress on the company’s long-term strategy,” the firm said in December. Nelms will get the award if he stays for five years.

To contact the reporter on this story: Elizabeth Dexheimer in New York at edexheimer@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net Steven Crabill, Dan Reichl

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.