Bull Bear Report Mar 30 2011

Schwab CEO Takes Home $10 Million in 2010, Less than 2009

By kyle stock

Pay for top executives at Charles Schwab Corp. was largely unchanged last year, as the company produced relatively flat results marred by a legal charge.

Schwab CEO Walt Bettinger received compensation valued at $10.02 million, down slightly from his 2009 haul, according to documents filed with the Securities and Exchange Commission this afternoon.

Bettinger's base salary was unchanged at $900,000, while his cash bonus dropped slightly to $2.36 million. The balance of the $10.02 million came in stock awards.

At the same time, Schwab cut a $36,000 annual allowance intended to pay for transportation and other incidentals for Bettinger's top three lieutenants. In turn, the company increased by $36,000 the base salaries of CFO Joseph Martinetto and the firm's two executive vice presidents, Benjamin Brideman and James McCool.

Despite low trading volumes, Schwab boosted revenue in 2010 slightly to $4.25 billion from $4.19 billion last year, a 1% increase. Its net income, however, fell 42%, from $787 million to $454 million. Profit was dragged down when Schwab agreed to pay $119 million to settle charges that it misled investors about the risk of YieldPlus, a bond mutual fund that was hammered during the crisis.

The firm also added 400 workers in 2010 to bring its full-time staff to 12,800.

Write to Kyle Stock




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