BB&T CEO Kelly King was given $11.7 million in total compensation in 2012, an increase of 56.9 percent from the year before, the bank reported Tuesday in a filing with the Securities and Exchange Commission.
King's total compensation includes stock awards. In 2011, the figure was $7.45 million.
His base salary for 2012 increased 1.9 percent to $979,813. In 2011, his base salary was $960,688.
Other top executives for the Winston-Salem-based bank also saw larger compensation in 2012 from the year before:
- Christopher Henson, chief operating officer, was given a 5.4 percent increase to his base salary, which rose to $639,750 from $606,750. His total compensation climbed to $5.03 million from $3.6 million, an increase of 39.7 percent.
- Ricky Brown, community banking president, saw his base salary rise to $639,750 from $606,750, an increase of 5.4 percent. His total compensation rose to $5.5 million from $3.9 million, an increase of 41 percent.
- Clarke Starnes, chief risk officer, had a base salary of $539,375, up 6.7 percent from $505,625. His total compensation increased 41 percent, to $4.16 million from $2.95 million.
- Daryl Bible, chief financial officer, saw his base salary increase 6.7 percent, to $539,375 from $505,625. His total compensation was $3.18 million, up 33.6 percent from $2.38 million.
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18 comments:
56% increase. Nice. Bet many hard working people below him got no more than a 3% overall increase.
If only he had headed up a non-profit...no tlling what he could have made.
At a certain point, the higher you get, the more meetings, golf outings, boondoggles, etc. you attend. Most all of the work is done below you but you get all the credit. It's a nice gig.
.....and that's why my moeny is not in that bank..........they don't need it..........
Nice if he'd put the dividend for shareholders back to were it was before the meltdown. Stock price languishes, dividend down, CEO pay up. Go Kelly.
56.9 percent raise? If I were a customer of BB&T bank, I'd be moving my accounts before the close of business today. What a joke! And someone will try to spin this into how it "had to be done?"
America's going down the drain thanks to greedy people like this.
This is greed. Don't try to paint it as something it's not. It's grotesque greed.
@ Anon 3:24: This country is going down the drain for many larger issues. Politicians are at the root of it. However, corporate greed has surpassed all the ethics they supposedly abide by. The disintigration of family and religion are others that come to mind. The constant dismantling of our Constitution is another.
It's not greed. Just career choice. He could of chosen to be a sour loser and post comments like above if he wanted to.
I can't believe Obama signed off on his increase.
I wouldn't call this greed. However, I would call it irresponsible and exhorbitant compensation considering the performance of the bank and industry as a whole. 56% is obscene by anyone's standard.
It's straight up greed. They have been taking away benefits for years, they have been keeping raises at a max of 2.0 for years, they have been forcing people to work more than 40 hours a week for years, they have been bringin contractors in from India that work for less for years. They are screwing the little guy and have been for years.
Remember folks: its greed when its a CEO, founder of a successful business, entrepreneur, and we cry "I will take my business elsewhere".....but when its an professional athlete, rapper/musician, or hollywood star, it a beautiful thing to be celebrated. Wish I knew why we envy & despise the businessman, but cherish the entertainers.
Because they at least give something back, usually in the form of fun. You have to admit, even Kim Kardashian is mildly entertaining.
The VAST majority of this "compensation" for all 5 executives listed isn't in money / pay. They can't spend it. They're stock options that have *potential* value, yes, but "exercising" them - at some point down the road - may (or may NOT be!) worth the cost! Learn all about "stock options" before you belly-ache about the numbers. Yes, yes, they DO all have healthy salaries - but not out of line with major financial institutions elsewhere. Besides, BB&T is quite stable and financially sound. They have a good per-share return for investors and consistently meet or exceed industry analysts' expecations. And Kommiczar Oblame-a has absolutely NO say-so about pay or compensation in the private sector!!!!!!
Get your petty envy here, step right up folks, we got loads and loads of serfs bellyaching here.
Working class people rarely get more than 1% if that. These bankers just do a job, a job that shouldn't pay more than the average salary of their employee's. And stock options should be banned unless the regular employee's also get stock options on the same scale as their boss's.
BB&T's outlook downgraded to 'negative'
And King gets a raise for this? Shameful!
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