USA: Bank of NY's Renyi got $12.1 million bonus in 2000.
03/20/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, March 20 (Reuters) - Bank of New York Co. Inc. paid its chairman and chief executive, Thomas Renyi, a $12.1 million bonus last year, more than double his 1999 bonus, as the regional bank's annual profits rose 15 percent.
The New York-based bank said in a filing with the U.S. Securities and Exchange Commission that Renyi received a $925,000 salary in 2000, as well as a $12.1 million bonus, $175,580 in other compensation and options potentially worth $12.36 million assuming 5-percent annual stock price appreciation over the options' 10-year term.
Renyi's bonus was lower in 1999, partly because the bank was investigated by the government for its role in a massive Russian money laundering scheme. Neither the bank nor Renyi was charged with any crime, but Renyi received a $5.73 million bonus that year, less than he got in 1998, and $850,000 in salary. He also got 500,000 options in 1999 and $167,819 in other compensation.
Renyi's bonus increased as the bank's profits rose to $1.43 billion in 2000 from $1.24 billion in 1999 on a normalized basis. The bank's stock price also rose 38 percent last year, while the bank share index that trades on the Philadelphia Stock Exchange rose only 17 percent.
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