State Street Increases CEO Hooley’s Pay 1.4% to $15.8 Million

Apr 03, 2014 5:45 pm ET

April 3 (Bloomberg) -- State Street Corp., the third- largest custody bank, paid Chairman and Chief Executive Officer Joseph “Jay” Hooley $15.8 million in 2013, an increase of 1.4 percent from the prior year.

Hooley, 57, received $1 million in salary, $10.1 million in stock awards, $4.6 million in non-equity incentive compensation and $103,714 in other compensation, according to a filing today with the U.S. Securities and Exchange Commission.

State Street has outperformed its biggest rivals after moving more aggressively to cut its workforce and return capital to shareholders through dividends and stock buybacks. Shares of the Boston-based company have risen 53 percent in the past three years, beating the 27 percent gain by Chicago’s Northern Trust Corp. and Bank of New York Mellon Corp.’s 17 percent gain.

Michael W. Bell, appointed chief financial officer of State Street in August, received $2.5 million and Edward J. Resch, who retired as CFO in August, made $13.3 million, a 57 percent boost from 2012. Joseph C. Antonellis, vice chairman, was paid $10.9 million, down 16 percent from 2012.