CEO Pay Watch TCF Financial Corp.
William Cooper, chairman and CEO
Total compensation: $17,109,036 for the year ended Dec. 31, 2014
Salary: $1.5 million
Non-equity incentive pay: $3 million
Other compensation: $479,036
Value realized on vesting shares: $12.13 million
Total 2014 shareholder return: -2.2 percent
Note: At last year's annual meeting, shareholders voted against TCF's nonbinding advisory vote on executive compensation when only 45.5 percent of shareholders voted to approve the Say-on-Pay vote.
In the preliminary proxy filed with the Securities and Exchange Commission on Monday, TCF's board of directors wrote to shareholders, telling them that the chair of the board's Compensation, Nominating and Corporate Governance Committee and members of management met with institutional shareholders that own 47 percent of the company's shares to address their concerns about corporate governance and executive compensation.
The company made a number of changes including a reduction in annual cash incentive levels and instituted a long-term equity plan in which awards are more closely tied to shareholder return. Those changes will apply to the 2015 executive compensation package.
Key decisions regarding 2014 executive compensation were made prior to the company's say-on-pay vote last year. As a result, Cooper's base salary of $1.5 million and $3 million cash bonus for 2014 were unchanged from the previous year.