BNY Mellon’s Hassell Gets a Raise as Marcato Asks for His OusterCharles Stein
Bank of New York Mellon Corp., the world’s largest custody bank, paid Chief Executive Officer Gerald Hassell a total of $11.7 million last year, 23 percent more than the $9.5 million he earned in 2013.
Hassell earned a salary of $1 million and stock awards of $7.8 million, the New York-based bank said in a regulatory filing Friday. He earned additional money from a non-equity incentive plan and in deferred compensation.
Activist Marcato Capital Management this week called for Hassell’s replacement, saying in a statement that “meaningful improvement will not occur without meaningful change in leadership and that starts with the CEO.” Marcato owns a 1.6 percent stake in BNY Mellon, according to data compiled by Bloomberg.
The bank’s shares gained 16 percent in 2014 and 0.9 percent this year.