Capital One CEO Becomes Billionaire After Stock Hits Record High
- Richard Fairbank sold about $500 million of shares since 1994
- Card lender stands to benefit from easing regulations, tax cut
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Richard Fairbank spent three decades building Capital One Financial Corp. into a credit-card powerhouse, using catchy television ads with celebrities asking viewers “What’s in your wallet?” Today, there’s more than $1 billion in his.
Fairbank, 67, among the longest-serving bank CEOs in the U.S., has reaped about $500 million from share sales and cash compensation since 2004. His net worth, including current equity holdings, is about $1.1 billion, according to the Bloomberg Billionaires Index. The stock has returned more than 2,200 percent since its 1994 initial public offering, including reinvested dividends, compared with about 650 percent for the S&P 500 Financials Index.