State Street chief took home $15.6 million in 2012, a 3.5 percent decline
State Street Corp. chief executive Joseph L. Hooley earned total compensation of $15.6 million last year, a 3.5 percent decline from 2011, according to the company’s annual proxy statement released Thursday.
Hooley’s base pay remained at $1 million, while his stock awards rose by one-third, to $10.6 million. His cash incentive pay dropped by more than half, to $1.1 million.
The Boston financial services giant’s proxy statement said, “Mr. Hooley demonstrated strong leadership in emphasizing important corporate initiatives, despite an uncertain economic environment and the effects of that environment on revenue growth.”
State Street reported $9.65 billion in revenue for last year, up 0.6 percent from 2011. Earnings per share for the year climbed 10.8 percent to $4.20.
Last year, Hooley received nearly $300,000 in “other” compensation, slightly less than in the prior year -- a sum that includes $27,852 for a car and driver, $9,336 for personal and home security, and $30,000 in matching charitable contributions. Hooley also received $227,500 in supplemental retirement contributions, an amount similar to the other highest-paid executives at the company.
In January, State Street announced it would lay off 630 employees, or 2 percent of its work force, including 260 people in Massachusetts. The company also cited caution about the economy, which it said could have an impact on its business of managing investments and handling recordkeeping and other services for pensions, hedge funds and mutual funds.Beth Healy can be reached at email@example.com.