E-Trade Group Inc. Chairman and Chief Executive Christos Cotsakos got $9.6 million from salary, bonus and exercised stock options last fiscal year--more than double the $4.4 million he got a year earlier, according to filings released Monday.
Although the Menlo Park, Calif.-based online brokerage lost $54.4 million for the 12 months ended Sept. 30, its stock rose fivefold in the period, swelling the value of Cotsakos’ options. The exercised options accounted for $7.9 million of his compensation.
“He’s got the best of both worlds: a salary and bonus like the CEO of an established, profitable company, and the options of an Internet CEO,” said Graef Crystal, an executive-compensation consultant. “The stock has had an enormously good performance, but this package is exceedingly generous.”
A spokesman for E-Trade had no comment. On Monday, the stock lost $1.06 to close at $30.88 on Nasdaq.