Wachovia Corp. said the salary of its chairman, president, and chief executive, Kennedy G. Thompson, was unchanged last year from a year earlier, at $1.09 million, because the company failed to meet predetermined performance goals.
The $783 billion-asset Charlotte company said Monday in a proxy statement filed with the Securities and Exchange Commission that Mr. Thompson did not receive a cash bonus or performance-based awards of restricted stock last year. In 2006 he was paid a $5.15 million bonus and received restricted stock valued at $12 million.
Wachovia's stock fell 33.2% last year. Its 2007 earnings fell 19% from a year earlier, to $6.31 billion, amid writedowns on structured products and rising credit costs tied to its 2006 acquisition of the Oakland, Calif., thrift company Golden West Financial Corp.
Mr. Thompson received stock option grants valued at $11.25 million for last year, compared with $3 million a year earlier.
