State Street pays departing CEO $5.4 million cash

By IBTimes Staff Reporter | March 03 2010 8:32 PM

Directors of State Street Corp paid departing Chief Executive Ronald Logue $5.4 million as the cash portion of his incentive compensation for last year, the company said in a securities filing on Wednesday.

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Half the cash will be in deferred payments to Logue, said financial giant State Street. It also said in the U.S. Securities and Exchange Commission filing that it gave Logue 35,786 units of restricted stock, though it did not put a value on the award.

Logue retired as chief executive on March 1, but remains chairman of State Street's board. Logue's replacement, Joseph Hooley, was paid $2.5 million in cash, some in deferred payments, as the incentive portion of his 2009 compensation, State Street said. He also received 138,002 units of restricted stock.

(Reporting by Ross Kerber, editing by Leslie Gevirtz)

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