Human Capital & Careers

Financial-Services CFOs Cash In

The finance chiefs at Wachovia, Chubb, American Express, Bank of New York, and MBNA were big earners last year.
Stephen TaubMarch 28, 2005

While much attention has been paid to the big compensation packages enjoyed by executives at large investment banks, CFOs at non-Wall Street financial services firms didn’t fare too shabbily either in 2004. Some senior finance executives at banks, insurance companies, and the like, in fact, hauled home among the largest pay packages last year.

For example, Robert Kelly, senior executive vice president and CFO of Wachovia, earned $6.56 million. That included a bonus of $2.5 million and long-term incentive payments (LTIP) of $2.1 million. His salary was $550,000.

Chubb CFO Michael O’Reilly, for his part, took home nearly $5.3 million, including $1.4 million in salary and bonus. He made another $689,000 from restricted stock awards, $760,000 from long-term incentive payments, and $2.3 million after exercising options.

At American Express, the company’s finance chief Gary Crittenden earned $3.5 million, a $1.45 million bonus and more than $1.2 million in LTIP.

Bank of New York CFO Bruce Van Saun made $5.4 million in 2004. That included a bonus of about $1.9 million and performance shares valued at more than $2.9 million.

Kenneth Vecchione, vice chairman and CFO of MBNA since October 2004, took home $5 million last year even though his bonus actually dropped by $750,000. The decline was nearly offset, however, by the $650,000 increase in the value of restricted shares he received.