Merrill discloses pay for new CEO
From Times Wire Services
Merrill Lynch & Co. said it would pay incoming Chief Executive John Thain an annual salary of $750,000 plus a bonus this year of $15 million.
Thain, who is giving up his post running the New York Stock Exchange, will also receive options for 1.8 million Merrill shares along with 500,000 restricted stock units, the brokerage said in a regulatory filing. Thain won’t receive severance or pension benefits under his employment agreement, said Merrill, which will compensate Thain for unvested equity he received as CEO of NYSE Euronext.
