BlackRock’s Fink Gets Stock Award Valued at $12.4 Million
BlackRock Inc. (BLK), the world’s biggest money manager, awarded Chief Executive Officer Laurence D. Fink $12.4 million in equity compensation, according to a regulatory filing today.
Fink’s award includes 32,884 shares, valued at $7.65 million, based on the Jan. 18 average share price of $232.63, New York-based BlackRock said. The bonus vests over three years, starting in January 2014. BlackRock awarded Fink additional shares, subject to certain performance goals, valued at $4.75 million, according to the filing.
Total equity compensation for Fink, 60, rose 14 percent from a year earlier, when he received $10.9 million. The firm hasn’t disclosed Fink’s total pay for 2012. BlackRock paid him $21.9 million for 2011.
Goldman Sachs Group Inc. boosted CEO Lloyd C. Blankfein’s stock bonus for last year 90 percent to $13.3 million. Incentive awards for Jamie Dimon, CEO of JPMorgan Chase & Co. (JPM), fell to $10 million, all in restricted shares that vest over three years, from $21.5 million.
BlackRock’s shares increased 16 percent last year, compared with a 25 percent gain in the 20-member Standard & Poor’s index of asset managers and custody banks. Net income rose 5.2 percent to $2.46 billion. Assets under management climbed to a record $3.79 trillion.
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