Bank of New York Mellon Corp. CEO Robert Kelly's pay rose 73 percent in 2010, according to an Associated Press calculation of figures disclosed in a regulatory filing.
Kelly received a compensation package valued at $19.4 million last year, compared with $11.2 million in 2009.
Kelly's 2010 pay package came during a year when Bank of New York Mellon returned to profitability for the year. It reported net income of $2.52 billion, or $2.05 per share, compared with a loss of $1.37 billion, or $1.16 a share, in the previous year. Total revenue climbed 81 percent to $13.88 billion from $7.65 billion in 2009.
Kelly's salary remained at $1 million for 2010, the same as the year before. The total compensation increase came from a 52 percent increase in stock awards, a 20 percent boost in other perks and benefits, and a $5.6 million performance-based cash bonus not paid the year before.
He received stock awards worth $7.5 million, up from $4.9 million the year before. The $7.5 million figure includes restricted stock valued at $2.6 million that was awarded in lieu of an annual cash bonus in February 2010, for the 2009 fiscal year, the company said.
His stock options fell 2 percent to $4.9 million from $5 million.
Kelly, 56, also received $5.6 million in non-equity incentive compensation, which is a performance-based cash bonus awarded executives. He received no bonus in 2009, instead was awarded the restricted stock shares that vested in 2010 and are included in his compensation for the year.
In the filing, Bank of New York Mellon said the board's human resources and compensation committee approved the bonus for Kelly based on metrics including a capital ratio exceeding the company's peers, a 6 percent jump in fee revenue and strong debt ratings.
Perks and other benefits increased 20 percent to $356,495 from $297,158, which included use of a company car and driver, personal use of the corporate jet, a company match to a charitable gift, insurance premiums and contributions to a retirement plan.
The AP's executive pay calculation aims to isolate the value the company's board placed on the CEO's total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.
Bank of New York Mellon will hold its annual meeting April 12 in Pittsburgh.