Legg Mason CEO Joseph A. Sullivan's compensation in fiscal year 2015 fell after rising more than 50 percent the year before, according to a Wednesday filing.
Sullivan's compensation, which includes a base salary of $500,000 and various cash bonuses and stock awards, was $10.57 million in the fiscal year ending on March 31, 2015. In the last fiscal year it was $11.55 million, and in the year before that it was $7.3 million. He began the CEO job at the Baltimore-based money manager in 2013.
Sullivan's cash bonus and stock awards increased over the year before, but his option awards dropped from about $6 million to $1.8 million. Legg spokeswoman Mary K. Athridge said Sullivan recieved a one-time option award in fiscal 2014 that boosted his pay.
In the fiscal year, Sullivan oversaw the acquisitions of two equities companies: QS Investors and Martin Currie. The company also completed a debt refinancing and posted earnings of $237.1 million for the year ended March 31, compared to $284.8 million for the prior fiscal year.