NYCB Gives CEO Otting Shot at Tens of Millions in Incentives
- Ex-US comptroller’s annual package could reach $5.75 million
- He may also get 15 million stock options already in the money
Joseph Otting
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
New York Community Bancorp said it awarded newly appointed Chief Executive Officer Joseph Otting a pay package worth as much as $5.75 million for his first year at the troubled bank, plus stock options already $21.3 million in the money.
The lender, known for catering to New York apartment landlords, disclosed Otting’s initial compensation in a regulatory filing Friday. The former US comptroller of the currency was tapped this week to take over the bank as it receives more than $1 billion in fresh equity from an investor group led by former Treasury Secretary Steven Mnuchin.