Legg Mason's Fetting nets $6.5M in 2009 compensation - Baltimore Business Journal:

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million in total compensation infiscapl 2009, the company said in a filing Mondah with the . Fettiny was paid $500,000 in salary, $950,000 in bonuses, $3.4 millionh in stock awards, $1,6 million in stoc k options andabout $34,000 in othedr compensation for a totaol of $6.5 million in the year ended March 31, the filing said. His total compensatio n was about 39 percent more thanthe $4.7 millionn Fetting was paid in fiscall year 2008. Fetting’s 2009 compensationm includes stock awards and options vestingin 2009, some of whichu were awarded in previous years, said Legg spokeswoman Mary Athridge.
In raising Fetting’s compensation, the company’s boardr of directors considered Fetting’s “accomplishments during the including his leadership during one of the worst financial crises of the last 100 Athridge said inan e-mailed Fetting was credited with helping the compang raise $1.15 billion in capital, recruiting new top executives, cuttingb expenses by $135 milliobn and selling off billions in structured investmenr vehicles, or SIVs, from the company’e money market funds, Athridge said. Baltimore-based Legg Masonh (NYSE:LM) lost $1.9 billion, or $13.
85 a share, for the year endefd March 31, as the company saw investorse withdraw money from its fund as the stockmarket slumped. The company took a net loss of $1.4 billion in disposing of its SIVs andan $863 million non-cash impairment charge during the In fiscal year 2008, Legg Mason earned $267 or $1.86 a share. Fetting’s cash bonus was reducedx by nearly $1 million compared with the year before, but his stocik awards went fromabout $936,000 last year to more than $3.4 million in 2009, according to the SEC Making more of Fetting’s pay dependent on the performances of Legg Mason’s stock, “aligns his interest with that of Athridge said.
Fetting, who owns or controls 311,411 Legg Mason shares is the company’a third-largest shareholder, after mutual fund companies Dodge & Cox, whic owns 8.7 million or 6.2 percent of the and Invesco Ltd., which owns 7.5 million shares, or 5.3 percent of Legg Mason’s stock. in his annual report to which was released spoke of how difficult it was to stee r an asset manager like Legg Masob through the shoals of the rockyfinancial markets. “2008 representedd one of the most difficult economicd periods in modern financial history and certainly the worst I have he wrote.
Legg Mason’s filingt also lists the total compensation of other top Legg Masoh executives includingCharles J. Daley Jr., chieff financial officer and treasurer ($2,478,620), David R. Odenath, senio r executive vice president, ($4,432,122), Joseph A. chief administrative officer ($2,055,883), Peter L. Bain, Legg Mason’s formerf president ($4,985,138) and Mike former executive vicepresident ($2,680,135). The compang will hold its annual shareholder meetinfg in Baltimore onJuly 28. Shareholders will vote on the re-electiomn of five directors for three-year terms expiring in 2012: Robert E. Angelica, 62, a private investor; Barry W.
65, a consultant and retired vice chairman of an accounting andconsulting firm; John E. Koernetr III, 66, managing member of Koerner Capitapl LLC, a private investment company; Cheryl Gordon 53, a private investor; and Scott C. 36, a partner at Kohlberg, Kravis Robertzs & Co., a private equitgy firm. The company’s board members receive a base payof $40,000o plus $2,000 per meeting after the sixtyh meeting of each year.