CEO Pay Watch TCF Financial Corp.
William Cooper, chairman, CEO
Total compensation: $4,776,337 for the year ended Dec. 31
Salary: $1,500,000
Non-equity incentive pay: $3,000,000
Other compensation: $276,337
Total 2013 return to shareholders: 35.6 percent
Note: Cooper, 70, signed a new employment agreement March 10, extending his contract two more years to Dec. 31, 2017. Cooper will serve as CEO through Dec. 31, 2015, or until the board of directors finds a successor, and as chairman through Dec. 31, 2017. The new agreement calls for reduced severance payments to Cooper through the later of Dec. 31, 2015, or the date that he ceases to serve as CEO.
For 2013, Cooper earned the maximum annual incentive bonus, which was based on pretax, pre-provision return on average assets, among other factors. TCF's pretax, pre-provision return on average assets of 1.98 percent in 2013, ranked 7th of 45 among TCF's peer group.
Shareholders last year approved the company's executive compensation plan but only 61.4 percent of shareholders voted in favor of the nonbinding "say-on-pay'' resolution on executive compensation.
In June 2013 the board did a review of the 2012 compensation to executives and found that "TCF ranked in the lower half of the 2013 peer group for total cash compensation, and near the top in long-term incentive compensation and total compensation."
The 2012 compensation package for executives included large performance-based restricted stock awards that vest over several years. Cooper got no such long-term restricted stock award in 2013.
Patrick Kennedy
