William Rogers, chief executive officer of SunTrust Banks Inc., was awarded $5.78 million for his work last year, 32% less than for 2012.
Rogerss pay included a $1.3 million cash bonus, $900,000 salary and a $3.59 million award that included restricted stock and options, the Atlanta-based lender said today in a filing with the U.S. Securities and Exchange Commission. He was awarded $8.51 million for 2012.
Rogers's bonus declined 32% from the previous year, while his salary was unchanged, SunTrust said in the filing. As part of his 2012 compensation, Rogers, 56, was awarded a one- time $2.2 million stock award.
His 2013 bonus was based on whether the bank met profitability targets including net income and efficiency, according to the filing. Net income declined 31% to $1.34 billion last year and the lender's efficiency ratio deteriorated to 71.75%. Shares of SunTrust increased 30% last year, trailing the 35% advance of 24-company KBW Bank Index.