In Brief: Chase CEO Got 13% Raise in '98, to $15.9M

Chase Manhattan Corp. paid chairman and chief executive officer Walter V. Shipley $15.9 million last year in cash and stock awards, a 13% raise.

According to proxy materials filed Thursday with the Securities and Exchange Commission, Mr. Shipley's compensation included a salary of $1.03 million, an 8% raise. His bonus was unchanged at $3.53 million. He also received $2.85 million of restricted stock, options for 300,000 shares valued at $5.1 million, and the final $1.67 million installment of a special bonus related to the 1996 merger of his former bank, Chemical Banking Corp., with Chase.

Mr. Shipley, 63, said Wednesday that he would step down and pass the reins of the bank to vice chairman William B. Harrison Jr. in June, when Thomas G. Labrecque, president and chief operating officer would retire. Mr. Harrison, 55, received $12.9 million in total compensation last year, a raise of almost 20%. Mr. Labrecque, 60, received $15.4 million, an increase of 24% from the year earlier.

Chase's stock price rose 28% last year.