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CEO pay watch: TCF's Cooper: $4.4 million

  • March 8, 2012 - 9:42 PM

TCF FINANCIAL CORP.

William Cooper, chairman, CEO

Total compensation: $4,447,401 for the year ended Dec. 31

Salary: $950,000

Non-equity incentive pay: $950,000

Other compensation: $313,901

Value realized on vesting shares: $2,233,500

Total 2011 return to shareholders: -29.3 percent

Note: Cooper took home 6 percent more than he did in 2010. Cooper's salary and bonus remained the same from the previous year. Most of the increase in his total compensation was from the value of restricted stock that vested during the year.

In 2011, Cooper also received 500,000 shares of deferred restricted stock, which has a present value of $6.66 million. The shares were the first long-term incentive awards granted to Cooper since awards he got upon his return to TCF in July 2008. Cooper's other compensation included $155,980 for personal use of company aircraft.

Revenue at TCF was down 7.5 percent in 2011 to $1.1 billion and net income was down 27.5 percent to $109.4 million.

In January, TCF's compensation committee increased Cooper's 2012 base salary to $1.5 million. According to the proxy, "The committee ... determined that such an increase was appropriate given the value proposition of Mr. Cooper's executive leadership skills in such a particularly difficult economic and regulatory environment in which TCF has operated, and continues to operate, since his return."

Patrick Kennedy

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