BlackRock Boosted CEO Fink’s Pay 13% to $22.9 Million Last Year

Apr 16, 2014 12:00 am ET

April 16 (Bloomberg) -- Laurence D. Fink, chief executive officer at BlackRock Inc., the world’s biggest money manager, took home $22.9 million in 2013 as his compensation rose 13 percent from a year earlier.

Fink received $500,000 in salary, $9.9 million in a cash bonus, $12.4 million in stock awards and $192,500 in other compensation, according to a proxy filing yesterday that calculated pay using U.S. Securities and Exchange Commission rules. Fink, 61, earned $20.2 million in total compensation in 2012, according to the filing.

BlackRock’s earnings and stock price climbed last year as rallying global markets lifted assets 14 percent to $4.3 trillion. Investors added a net $117 billion to the New York- based firm’s long-term businesses and products, a factor the board’s compensation committee considered in deciding Fink’s 2013 pay, according to the filing. Adjusted operating income increased 13 percent from a year earlier to $4 billion.

Fink’s stock award advanced 13 percent in 2013 after a decline in the prior year, and his cash bonus climbed 15 percent.

BlackRock President Robert S. Kapito’s compensation rose 15 percent last year to $17.7 million, also driven by an increase in his bonus and stock award. Charles Hallac, the firm’s chief operating officer, received $10.1 million, up 15 percent from 2012.

BlackRock’s shares surged 53 percent last year, beating the 46 percent increase in the 18-company Standard & Poor’s index of asset managers and custody banks.

If pay is calculated using BlackRock’s analysis, Fink earned $24 million last year, or a 12 percent increase from a year earlier, according to the filing.

--With assistance from Alexis Leondis in Washington.