CHARLOTTE, N.C. First Union Corp. said Tuesday that it is ending an executive retirement plan and will tie future bonuses more closely to the companys performance.
In its annual proxy statement, the nations No. 6 bank said it expects to save $16 million over five years by ending the retirement plan. The bank said in the filing it paid CEO Ken Thompson no bonus in 2000, though he still received $5.9 million in compensation for the year, the bulk of which came in a one-time $4.1 million payment related to termination of the retirement plan. He also received $940,000 of salary and a restricted stock award worth $697,531. A spokeswoman said Mr. Thompson had invested most of his compensation in First Union stock.
Former CEO and chairman Ed Crutchfield, who retired in September and gave up the chairmanship on March 1, also received no annual bonus last year. But he collected $1.3 million in salary and $3.3 million in retirement payments.