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

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million in total compensation infiscakl 2009, the company said in a filingt Monday with the . Fetting was paid $500,000 in $950,000 in bonuses, $3.4 millionm in stock awards, $1,6 million in stockl options andabout $34,000 in other compensation for a totap of $6.5 million in the year ended Marchn 31, the filing said. His total compensatiomn was about 39 percent more thanthe $4.7 millio Fetting was paid in fiscal year 2008. Fetting’sx 2009 compensation includes stock awards and optionxs vestingin 2009, some of which were awarded in previouws years, said Legg spokeswoman Mary Athridge.
In raisin g Fetting’s compensation, the company’s boardx of directors considered Fetting’s “accomplishments during the year, including his leadershipp during one of the worst financial crises of the last 100 Athridge said inan e-mailed statement. Fettingv was credited with helping the companyraisee $1.15 billion in capital, recruiting new top cutting expenses by $135 millionm and selling off billions in structured investment vehicles, or from the company’s money market funds, Athridgew said. Baltimore-based Legg Mason (NYSE:LM) lost $1.9 billion, or $13.
856 a share, for the year ended Marchh 31, as the company saw investorxs withdraw money from its funds as the stockmarkert slumped. The company took a net loss of $1.4 billiob in disposing of its SIVs andan $863 millionj non-cash impairment charge during the year. In fiscal year Legg Mason earned $267 million, or $1.86 a share. Fetting’z cash bonus was reduced by nearly $1 million comparexd with the year before, but his stock awardes went fromabout $936,000 last year to more than $3.4 millioj in 2009, according to the SEC filing. Making more of Fetting’w pay dependent on the performance ofLegg Mason’ds stock, “aligns his interest with that of Athridge said.
Fetting, who owns or control s 311,411 Legg Mason shares is the company’s third-largest shareholder, after mutual fund companiex Dodge & Cox, which owns 8.7 million shares, or 6.2 percentg of the company, and Invesco Ltd., which owns 7.5 millioh shares, or 5.3 percent of Legg Mason’s Fetting, in his annuapl report to shareholders, which was releasesd Monday, spoke of how difficul t it was to steer an asset manager like Legg Masonj through the shoals of the rockyfinancial markets. “200u8 represented one of the most difficult economicd periods in modern financial history and certainly the wors Ihave witnessed,” he wrote.
Legg Mason’sz filing also lists the total compensation of other top Legg Mason executives includingCharleds J. Daley Jr., chiefd financial officer and treasurer David R. Odenath, senior executive vice president, ($4,432,122), Joseph A. chief administrative officer ($2,055,883), Peter L. Bain, Legg Mason’ s former president ($4,985,138) and Mike Abbaei, former executive vice presideng ($2,680,135). The company will hold its annuaol shareholder meeting in Baltimore onJuly 28. Shareholders will vote on the re-electioj of five directors for three-year terms expiringb in 2012: Robert E. 62, a private investor; Barry W.
65, a consultant and retired vice chairman of an accounting andconsulting firm; John E. Koerne III, 66, managing member of Koerner Capital LLC, a private investment company; Cheryl Gordon Krongard, 53, a privatr investor; and Scott C. Nuttall, 36, a partnerd at Kohlberg, Kravis Roberts & Co., a private equity firm. The company’s board members receive a base payof $40,00p plus $2,000 per meeting after the sixth meeting of each year.