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SunTrust Cuts CEO Rogers’s 2013 Pay 32% From Prior Year

March 10 (Bloomberg) -- William Rogers, chief executive officer of SunTrust Banks Inc., was awarded $5.78 million for his work last year, 32 percent less than for 2012.

Rogers’s pay included a $1.3 million cash bonus, $900,000 salary and a $3.59 million award that included restricted stock and options, the Atlanta-based lender said today in a filing with the U.S. Securities and Exchange Commission. He was awarded $8.51 million for 2012.

Rogers’s bonus declined 32 percent from the previous year, while his salary was unchanged, SunTrust said in the filing. As part of his 2012 compensation, Rogers, 56, was awarded a one-time $2.2 million stock award.

His 2013 bonus was based on whether the bank met profitability targets including net income and efficiency, according to the filing. Net income declined 31 percent to $1.34 billion last year and the lender’s efficiency ratio deteriorated to 71.75 percent. Shares of SunTrust increased 30 percent last year, trailing the 35 percent advance of 24-company KBW Bank Index.

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, Rick Green

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