Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Fetting Takes a Million-Dollar Pay Cut Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, June 14, 2012

Fetting Takes a Million-Dollar Pay Cut

Reported by Chris Cumming

Legg Mason [profile] CEO Mark Fetting took a 17 percent pay cut in the last fiscal year, according to company documents filed with the SEC. Citing disappointing financial performance, the board of the Baltimore-based asset manager set Fetting's total compensation at $4.9 million, down from $5.9 million in the previous fiscal year.

Almost all of this pay came in the form of year-end incentive awards. Fetting took home a $500,000 salary, a $2.4 million cash bonus, and $2 million in stock awards.

In the SEC filing, the board noted that Fetting has overseen some successes in the last year, such as Legg's "strong overall investment performance" and smooth rollout of new products. But it decided that the 17 percent decrease was "appropriate in light of the company's financial performance in the last fiscal year." The filing also notes that the board used Towers Watson as an independent compensation consultant to help determine Netting's pay.

Legg Mason had a tough fiscal year. The firm's revenues decreased by three percent and its net income dropped 13 percent. Shareholder return, a calculation that combines stock price and divident payments, was negative 22 percent. The company's stock is trading at around $25, down 19 percent since a year ago. It peaked at $138 in 2006.

But the most recent news for Legg mason has been good. Last month, the money manager agreed to buy back its shares from private equity firm KKR & Co., and last week MFWire reported that Fetting's team is shopping for smaller fund shops. And so far in 2012, Legg Mason's stock is slightly up. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use