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AmEx Boosts CEO Chenault’s Pay 11% to $24.4 Million

Kenneth Chenault
American Express Co. Chief Executive Officer Kenneth Chenault. Photographer: Andrew Harrer/Bloomberg

March 21 (Bloomberg) -- American Express Co., the biggest credit-card issuer by purchases, paid Chief Executive Officer Kenneth Chenault $24.4 million for 2013, an 11 percent increase over the previous year as the firm’s stock and profit soared.

The compensation included a $2 million salary, a bonus of $7.95 million, a long-term incentive award of $5.13 million, $6.79 million in restricted stock and $2.54 million in options, the New York-based company said today in a filing with the U.S. Securities and Exchange Commission. Chenault, 62, was awarded $22 million for his work in 2012 and $24 million for 2011.

American Express shares rallied 58 percent last year, the second-best performer in the Dow Jones Industrial Average. Profit rose 20 percent in 2013 to $5.4 billion as revenue increased 4.5 percent.

The cash portion of Chenault’s bonus increased by 50 percent to $6 million from a year earlier, while the stock component fell by $675,000. His long-term incentive award, which will be paid if the company meets certain targets, remained unchanged from the prior year. His restricted stock award rose 13 percent.

Capital One Financial Corp., the fifth-biggest U.S. credit-card lender, awarded CEO Richard Fairbank $18.8 million for his work last year.

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

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