State Street CEO Pay Declined 40% to $11.3 Million Last Yearby
Hooley's firm had tough year as volatility dragged on assets
CFO Michael Bell got $5.7 million, down from $7.9 million
State Street Corp. chairman and Chief Executive Officer Joseph "Jay" Hooley was given a pay package worth $11.3 million last year, a 40 percent decrease from 2014.
Hooley received about $1.04 million in salary, $10.2 million in stock awards and $103,025 in other compensation, according to a regulatory filing Thursday. While his salary and stock awards were largely the same from 2014, he earned about $18.8 million that year.
State Street has been cutting costs as market volatility has dragged on assets and fee revenue. It announced in October it would be firing 600 employees globally to accelerate cost reductions. State Street missed its goal last year to increase fee revenue by 4 percent to 7 percent on an operating basis. The shares fell 15 percent in 2015 and are down 15 percent since Jan. 1.
Hooley’s 2014 compensation included $1 million in salary, $10.2 million in stock awards, $2.6 million in non-equity incentive compensation, about $4.8 million linked to change in pension value and non-qualified deferred compensation earnings, and $309,744 in other compensation.
Michael W. Bell, who is chief financial officer, received total compensation of $5.7 million in 2015, down from about $7.9 million the year earlier. Bell is expected to step down within the next year.