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Discover Awards CEO Nelms $1.95 Million Bonus for 2013

March 19 (Bloomberg) -- Discover Financial Services 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

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