BlackRock Inc. Chief Executive Officer Laurence D. Fink received compensation valued at $15.9 million in 2009, 23% less than the prior year, according to a regulatory filing.
Mr. Fink's pay included a $500,000 base salary, a bonus of $9.05 million, $5.99 million in stock awards and $321,079 in other compensation, the New York-based firm said April 23 in a filing with the Securities and Exchange Commission. In 2008, Mr. Fink's pay package was valued at $20.6 million. His 2009 compensation calculated under guidelines that differ from SEC disclosure rules was $26 million, BlackRock said.
BlackRock, which on Dec. 1 acquired the investment unit of Barclays Plc to become the world's biggest money manager, said it adopted a new equity award plan that would enable key executives, including the CEO, to get a bigger percentage of their compensation in stock. The awards that were made last year will vest on Jan. 31, 2010, 2011 and 2012, the filing shows.
Mr. Fink made more than counterparts at smaller rivals such as T. Rowe Price Group Inc., whose CEO James Kennedy was paid $4.7 million in 2009, and Franklin Resources Inc.'s Gregory Johnson, whose compensation in the 12 months ended Sept. 30 was $6.3 million.