Capital One Financial Corp. Chairman and Chief Executive Richard Fairbank received stock options and awards valued at $6.1 million in 2009, 35% less than his 2008 pay, according to the bank's proxy filing Thursday.
Though Fairbank's compensation remains entirely in equity, last year the company split his pay into $2 million in stock awards and $4 million in stock options.
In 2008 he received $68,344 for perks such as security for his home and insurance.
The CEO was awarded a total compensation of $11 million for his performance last year; he received a portion of that pay in January of this year.
He had received the bulk of the pay awarded for 2008, valued at $17.1 million, in 2007.
Compensation for the other executives named in the proxy fell by 20% to 33%.
Like many banking companies, Capital One altered its senior executives' compensation after accepting aid through the Treasury Department's Troubled Asset Relief Program.
The salaries of Capital One executives named in the proxy were increased and more weight was put on stock awards. Previously the company focused more on stock options.
Chief Financial Officer Gary Perlin's 2009 pay was valued at $8.9 million. His 2008 pay was valued at $5.4 million.
Capital One, the fourth-largest credit card issuer, pulled through the financial crisis stronger than many financial companies. It had transformed itself into primarily a banking company before the crisis, and the deposits stabilized its liquidity. It was among the first to repay Tarp funds.
