March 14 (Bloomberg) -- Man Group Plc Chief Executive Officer Emmanuel Roman’s pay more than tripled last year to $3.4 million after the hedge-fund company’s earnings rose and its share price increased for the first time since 2009.
Roman, 50, received a salary of $1 million and bonus payments valued at $2.3 million, the world’s largest publicly traded hedge-fund manager said in its annual report today. Roman’s salary was unchanged from 2012, when he received no bonuses.
Roman’s cost cuts helped push London-based Man Group’s adjusted pretax profit up 8 percent to $297 million in 2013, and he also restructured management in response to client redemptions and losses posted by the firm’s biggest hedge fund, AHL Diversified. The shares gained 2.7 percent last year after plunging 73 percent from the end of 2009 through 2012.
Finance chief Jonathan Sorrell’s pay increased 42 percent to $2.6 million, according to the annual report. He received $625,000 in salary and $1.9 million of bonus payments last year. Sorrell, a former Goldman Sachs Group Inc. banker, became a Man Group director in June 2012, so his salary of $336,407 for that year only reflects about six months, the company said.
The board awarded Roman’s bonus payments based on the CEO meeting objectives such as cutting jobs, overhauling management and increasing sales of investment products, according to the annual report. The company fell short of its targets for revenue and earnings growth, the report said.
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