April 5, 2012 / 8:07 PM / 6 years ago

Value of State Street CEO's pension surged in 2011

BOSTON, April 5 (Reuters) - State Street Corp said Thursday that Chief Executive Jay Hooley received $16.2 million in total compensation last year, a 25 percent increase that was mostly from a boost in the value of his pension and deferred earnings.

Meanwhile, the pay of the executive who runs State Street’s asset management arm was reduced sharply from year-ago levels. Scott Powers, who runs State Street Global Advisors, received $6.9 million in total compensation in 2011, down from $13.5 million in the previous year. State Street cut his restricted stock awards and cash bonus, according to the company’s proxy statement.

Hooley’s pay included a $1 million salary and restricted stock awards valued at $8.1 million, according to State Street’s proxy filing. Hooley also received a $2.6 million cash bonus.

Hooley received more restricted stock in 2011, compared with nearly $6 million in 2010. But his cash bonus was lower compared with $4 million in 2010, according to the proxy.

Most of Hooley’s year-over-year gain came from the increased value of his pension and deferred compensation earnings. They increased by $4.2 million in 2011, compared with an increase of only $1.7 million in 2010. Hooley’s total compensation in 2010 was $12.9 million.

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