American Express Co.'s chief executive, Kenneth I. Chenault, received total compensation of $17.4 million in 2009 as the company grappled with fragile credit markets and the quality of its card loans, and repaid federal aid.
The amount included a base salary of $1.2 million, a cash bonus of $5.1 million and $5.33 million in cash payments arising from Amex's nonequity incentive compensation, it said in a proxy filing Tuesday with the Securities and Exchange Commission. Chenault made $28.8 million in 2008 and $33.9 million in 2007, the filing said.
As part of the $17.4 million, Chenault received no stock award and nearly $4 million in options, substantially lower than the $9.5 million stock award and $9.8 million of options he got in 2008.
In January, Amex said Chenault would get, effective Feb. 1, a base salary of $2 million. This pay increase marked a shift in the compensation mix, which boosted base salary while reducing the cash bonus component of total compensation, Amex said then.
