Wachovia CEO gets nearly $18.4M in 2006

Wachovia CEO gets nearly $18.4M in 2006

	Published : Sat, 10 Mar 2007 01:13 By : Agencies Print this Story

CHARLOTTE, N.C. (AP) - Wachovia Chairman and Chief Executive Ken Thompson received compensation the company valued at nearly $18.4 million in 2006, according to a regulatory filing made Friday .

Thompson, 56, received $1.09 million in salary, $5.15 million in non-equity incentive plan compensation, and more than $11.8 million in stock and option awards. He also received $216,178 in other compensation, including $20,911 for financial planning and tax preparation services, according to the Charlotte-based bank's filing with the Securities and Exchange Commission.

His compensation also included $39,426 for personal use of company aircraft, which Wachovia Corp.'s board requires of Thompson for security reasons.

Thompson also exercised 30,800 stock options for a total of $833,140 and became vested in 62,042 shares in stock valued by the company at nearly $3.5 million.

The company's filing also states that Thompson has received nearly $14.3 million in stock and option awards in 2007.

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.

Shares in Wachovia, the nation's fourth-largest by assets, closed up 24 cents, or 0.43 percent, to $55.54 Friday on the New York Stock Exchange.

In January, Wachovia said 2006 profit totaled $7.79 billion, or $4.63 per share.

Last year the bank expand its mortgage business with a $24 billion acquisition of Golden West Financial Corp., a California mortgage specialist.

Golden West earned $1.5 billion in 2005, primarily from adjustable rate mortgage loans that have been its primary business for decades. Wachovia's share price remains off its 52 week high amid concern that Golden West's mortgage business will struggle as the housing market cools.

Wachovia shares closed up 24 cents, or 0.43 percent, to $55.54 Friday on the New York Stock Exchange. In the past year, shares have traded in a range of $51.27 to $60.04.