Sizeable haul for the bank's CEO actually worked out to a 6% pay cut from the previous year
Bank of New York Mellon Corp. CEO Robert Kelly's pay fell 6 percent in 2009, according to an Associated Press calculation of figures disclosed in a regulatory filing.
Kelly received a compensation package valued at $11.2 million last year, compared with $12 million in 2008.
Kelly's 2009 pay package came during a year when Bank of New York Mellon lost $1.37 billion, or $1.16 per share. But the commercial bank, which largely caters to institutions, corporations and wealthy individuals, did repay $3 billion it received in late 2008 from the government as part of the $700 billion Troubled Asset Relief Program.
Kelly's salary rose less than 1 percent to $1 million in 2009. Kelly's cut in total compensation came from a 7 percent decline in stock options and awards and a 13 percent drop in perks and benefits.
Kelly received perks valued at $297,158 in 2009, mostly for a company car and driver and life insurance premiums.
Also in 2009, New York-based Bank of New York Mellon awarded Kelly restricted stock and options that were worth $9.9 million at the time they were granted, compared with similar awards valued at $10.6 million in 2008. Bank of New York Mellon's share price is roughly unchanged since those awards were made in August of last year.
Kelly received no cash bonus in 2009. Instead, the company awarded him stock with an intended value of about $2.6 million. However, that award is not part of The Associated Press' calculation of his 2009 total compensation because it was made in early 2010.
Last year, Kelly was considered a potential candidate to take over as CEO at Bank of America Corp. Bank of America instead named its head of consumer banking, Brian Moynihan, to the position.
The AP's executive pay calculation aims to isolate the value the company's board placed on the CEO's total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC, which reflect the size of the accounting charge taken for the executives compensation in the previous fiscal year.
