Providian Discloses CEO’s Compensation

Providian Financial Corp. said it paid Chief Executive Joseph Saunders $3.48 million in cash and restricted stock when it hired him in November to stem losses.

The San Francisco-based credit card issuer also gave Saunders stock options valued at $3.9 million if Providian shares rise 10% a year over 10 years, according to a regulatory filing.

The company also promised Saunders at least a $900,000 bonus in 2002 and a base annual salary of no less than $600,000. His signing bonus was $2million and the restricted stock was valued at $1.48million when it was granted.