SSGA's Brown assigned 200% bonus pot
GLOBAL – Alan Brown, the chief investment officer of State Street Global Advisors, has been assigned a bonus pot worth 200% of his base salary.
It comes after he and Peter Leahy stepped in as acting co-chief executives of SSGA after the death of Timothy Harbert last year. In January the bank named 42-year-old William Hunt as Herbert’s permanent replacement. The allocation is payable in 2006.
“The benchmark bonus opportunity assigned to each of Alan John Brown, executive vice president, and Peter G. Leahy, SSGA principal, two of our Named Executive Officers (“NEOs”) in our 2005 proxy statement, was 200% of base salary,” parent State Street Corp. stated in a filing at the Securities and Exchange Commission.
It said that actual bonuses “may be below or exceed the benchmark”. They would be set next year by the executive compensation committee, based on individual performance.
It was not immediately possible to determine Brown’s salary and a spokeswoman declined to comment. Brown is seen as one of the most influential figures in the asset management industry.
As well as being CIO, he is also vice chairman at SSGA and an executive vice president of the bank. He joined in 1995.
The filing also stated that State Street chairman and chief executive Ron Logue’s bonus pot was 180% of salary, while Edward Resch, chief financial officer, would get 100%.
In October last year the Boston-based bank disclosed that Logue’s base salary had risen to $1m from $845,000 after he took the helm from David Spina.