Schwab CEO finally gets a raise

Walt Bettinger, chief executive of the Charles Schwab Corp., has received his first salary increase since taking the top spot at the company in October 2008. The $100,000 per year increase, effective March 1, brings Mr. Bettinger's base salary to $1 million per year. That amount is only a fraction of his total compensation, however. Last year Mr. Bettinger received $10.1 million in total pay, most of it from option awards and bonuses. The company disclosed the salary increase in a proxy statement filed today with the Securities and Exchange Commission. Schwab's compensation committee approved Mr. Bettinger's raise in January. The committee "believes that Mr. Bettinger's leadership has been a key factor in managing through a difficult economic environment," the proxy said.