Regions execs got millions in ’06
Birmingham bank’s top officials well paid in AmSouth merger
BIRMINGHAM (AP) — Regions Financial Corp. chairman Jack Moore received $29.2 million in 2006 compensation and AmSouth Bancorp CEO Dowd Ritter received $18.4 million for last year, when they arranged the Birmingham-based banks’ merger.
Moore, who resigned as president and CEO of Regions and became chairman of the combined company, received compensation that included a $10 million change-in-control payment, The Birmingham News reported Tuesday, citing a proxy filed with the Securities and Exchange Commission.
Moore’s 2006 compensation of $29.2 million also included a change in pension value and nonqualified deferred compensation earnings valued at $11 million.
His salary was $951,000 and he recieved stock awards valued at $2 million, option awards valued at $663,000, a bonus of $2.4 million, and additional compensation valued at $2.2 million.
Ritter, who was head of AmSouth and became president and CEO of the combined company, received $995,000 in salary, $6.6 million in stock awards, $1.5 million in option awards, $7.4 million in bonuses and long-term incentive plan payments, a change in pension value and nonqualified deferred compensation of $1.1 million.
He also received $743,000 in other compensation, including personal use of company aircraft.
The AmSouth contract provided termination pay if Ritter ceased to serve as chairman.
Ritter would have been entitled to the money since Moore now serves as chairman, but Ritter waived the pay.
Paul Hodgson, a compensation analyst with The Corporate Library, took issue with Moore’s $10 million change-in-control payment.
“The point of change-in-control pay is if you lose your job in some way, you’re compensated,” Hodgson told the News.
“He’s changed positions, but he’s hardly lost his job. Ten million dollars is inappropriate in those circumstances.”
AmSouth and Regions announced the merger in May, a $9.8 billion stock deal creating a Regions bank with 2,000 branches, 37,000 employees and $140 billion in assets.
Copyright 2005 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Save $84.50 a year off our newsstand price:
Subscribe today for only 38 cents a day!