Baltimore-based T. Rowe Price Group
raised Chief Executive Officer James A.C. Kennedy's total compensation by nearly 51 percent to $7.1 million last year when the company posted record assets under management, net revenue and profit.
Kennedy's base salary remained at $350,000, according to the company's proxy filed Friday. His cash bonus rose to $5 million, from $3.3 million in 2009. The value of Kennedy's stock options was $1.7 million, up from $1 million.
Other compensation, which includes retirement contributions, matching gifts to charity and other benefits, totaled about $70,000. That was up from $56,342 the year before.
Kennedy's 2009 compensation was $4.7 million.
The pay of Brian Rogers, Price's chairman and chief investment officer, also went up. His compensation package last year was $6.9 million, up from $4.7 million.
Price reported financial milestones in 2010 that surpassed pre-recessionary levels in 2007. Price's net income last year was $672 million, while its assets under management rose to a record $482 billion at the end of last year. Net revenue was nearly $2.4 billion last year.
The company is holding its annual shareholder meeting April 14 in Owings Mills.
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