Regions Financial Corp. Chief Executive Dowd Ritter, who's stepping down after two straight annual losses, is giving up $12.3 million in promised compensation by retiring this year.

The restricted stock was awarded to Ritter in 2007 provided he remain with the Birmingham, Ala., company through October 2012, Regions said Wednesday in a filing. "Mr. Ritter will forfeit the entire value of this grant," Regions said in the filing.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.