State Street Corp. said Chairman Ronald E. Logue got $28.7 million in total compensation last year, a period in which the company's shares lost nearly 47 percent of their value.
Unlike some of the companies in its peer group, State Street remained profitable, with earnings rising 13 percent from 2007.
State Street got $2 billion in taxpayer capital last October as one of the first companies to sell stock to the government under the Treasury Department's $700 billion Troubled Asset Relief Program. By accepting the money, the company agreed to abide by new restrictions on executive compensation.
Logue's total compensation rose 1.3 percent from 2007. According to State Street's proxy statement for its annual meeting in May, he got $1 million in salary last year, unchanged from the previous year. Logue got no bonus, in keeping with the company's decision not to award any incentive compensation to its top executives last year. He got a cash bonus of $3.75 million in 2007.
Logue received stock awards that State Street valued at $13.4 million, an increase from $7.96 million in 2007. According to the proxy statement, he also got stock options and stock appreciation rights the company valued at $6.44 million, down from $8.2 million last year.
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