Terrence Murray, chairman and chief executive officer at Fleet Financial Group, earned $9.67 million in 1998-a 20% raise. The board cited his success in integrating three acquisitions that boosted the bank's fee-generating businesses.
According to proxy materials filed Friday with the Securities and Exchange Commission, Mr. Murray's 1998 bonus jumped 21%, to $3.4 million. He also received restricted stock in 1998 valued at nearly $4.9 million, up from $1.98 million the year earlier. His base salary of $992,200 stayed the same.