BB&T Corp. (BBT) Chief Executive Officer Kelly King had his pay cut 8.3 percent to $7.84 million for his work in 2013 after the bank missed profitability targets.
King's package was reduced from $8.55 million for 2012 as his cash bonus slid 29 percent to $2 million, BB&T said today in a regulatory filing. The CEO also was awarded $2.8 million of restricted stock and options, salary of $996,250 and a $2.06 million long-term incentive package by the Winston-Salem, North Carolina-based firm.
King, 65, got a smaller bonus for 2013 because metrics used to determine King's bonus missed benchmarks, according to the filing with the U.S. Securities and Exchange Commission. Return on average assets slipped to 0.96 percent from 1.14 percent in 2012 and net income dropped 15 percent.
BB&T shares rose 28 percent last year, fifth-worst in the 24-company KBW Bank Index (BKX), which climbed 35 percent.