T. Rowe former CEO gets $5.1 million |
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Fri, 02 Mar 2007 17:35
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NEW YORK (AP) - T. Rowe Price Group Inc. said Friday former Chief Executive George Roche got $5.1 million of compensation at the asset management company last year, and the current CEO got $5.7 million.Roche, who retired Dec. 31 from the Baltimore, Md.-based financial company, received a $350,000 salary and $4.3 million in cash as part of an incentive plan. He was not awarded a bonus or any option awards.He also received $453,443 in 'other compensation,' which includes contributions into the company's retirement program and matching contributions into a stock purchase plan. This amount also included the value of an unnamed $14,648 gift given upon his retirement and a director's fee.Roche's compensation, and the compensation of current Chief Executive James Kennedy, was outlined in a filing with the Securities and Exchange Commission. The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits.Current CEO James A.C. Kennedy, who previously was director of equities, was given $5.7 million in compensation last year. This included a $350,000 salary, stock option awards worth $975,626, and $4.3 million in cash as part of the company's non-equity incentive plan. He was not awarded a bonus.Kennedy also received $57,151 in 'other compensation,' related to his retirement package and T. Rowe Price's stock purchase plan, and $15,706 in stock or stock option awards.Shares of the company gained 15 cents to $46.48 in morning trading on the Nasdaq Stock Market. In the last 52 weeks the share price has ranged from $34.87 to $50.30.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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T. Rowe Price ups share repurchase 