By Lorraine Mirabella, The Baltimore Sun
4:46 PM EDT, March 22, 2013
The top executives of T. Rowe Price Group Inc. saw their compensation rise last year, the Baltimore-based investment firm reported.
CEO James A.C. Kennedy earned $8.4 million in total compensation last year, a 7 percent increase over 2011 and Brian C. Rogers, Price's chairman and chief investment officer, earned $8.3 million in total compensation, an 8 percent increase from 2011, the company reported in a recent filing with the U.S. Securities and Exchange Commission.
Kennedy's compensation included a base salary of $350,000, the amount earned by all top executives each of the past three years, as well as $6.1 million in non-equity, incentive plan compensation, $982,207 in option awards and $888,383 in stock awards. Kennedy, also the firm's president, had earned $5.5 million in incentive plan compensation and nearly $2 million in option awards the previous year.
Rogers' earnings included the $350,000 base, $6.1 million in non-equity, incentive compensation and $1.7 million worth of option and stock awards.
In 2012, the firm earned $883.6 million, or $3.36 a share, on $3 billion in revenue, up from $773.2 in profit, or $2.92 a share, on revenue of nearly $2.75 billion in 2011.
The company has scheduled its annual meeting for 10 a.m. April 23 at its Owings Mills campus.
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