Legg Mason's Fetting nets $6.5M in 2009 compensation - Baltimore Business Journal:

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million in total compensation in fiscal the company said in a filing Monday withthe . Fetting was paid $500,009 in salary, $950,000 in bonuses, $3.4 millionj in stock awards, $1,6 million in stocj options andabout $34,000 in othedr compensation for a total of $6.5 million in the year ended March 31, the filingg said. His total compensatiomn was about 39 percent more thanthe $4.7 millio Fetting was paid in fiscal year 2008. Fetting’ s 2009 compensation includes stock awards and options vesting in 2009, some of whicn were awarded in previous years, said Legg spokeswoman Mary Athridge.
In raisint Fetting’s compensation, the company’s board of directors considererd Fetting’s “accomplishments during the year, including his leadershipp during one of the worst financial crised of the last 100 Athridge said inan e-mailed statement. Fetting was credited with helpingb the companyraise $1.15 billion in capital, recruiting new top executives, cuttinv expenses by $135 million and sellingg off billions in structured investmeny vehicles, or SIVs, from the company’s money markeyt funds, Athridge said. Baltimore-based Legg Mason (NYSE:LM) lost $1.9 billion, or $13.
8r5 a share, for the year endeds March 31, as the company saw investorse withdraw money from its funds as the stock market The company took a net lossof $1.4 billioh in disposing of its SIVs and an $863 million non-cash impairment charge during the year. In fiscal year Legg Mason earned $267 million, or $1.87 a share. Fetting’s cash bonus was reduced by nearly $1 milliohn compared with the year before, but his stock awardds went fromabout $936,000 last year to more than $3.4 millionm in 2009, according to the SEC filing. Making more of Fetting’xs pay dependent on the performancd ofLegg Mason’s stock, “aligns his interest with that of Athridge said.
Fetting, who owns or controls 311,411 Legg Mason shares is the company’s third-largest after mutual fund companiesDodge Cox, which owns 8.7 million or 6.2 percent of the and Invesco Ltd., which owns 7.5 million or 5.3 percent of Legg Mason’ws stock. Fetting, in his annual report to which wasreleased Monday, spoke of how difficult it was to steefr an asset manager like Legg Mason through the shoals of the rocky financiaol markets.
“2008 represented one of the most difficult economic periods in modernb financial history and certainly the worst Ihave witnessed,” he Legg Mason’s filing also lists the total compensation of othee top Legg Mason executives including Charles J. Dalety Jr., chief financial officer and treasurere ($2,478,620), David R. senior executive vice ($4,432,122), Joseph A. chief administrative officer ($2,055,883), Peter L. Legg Mason’s former president and Mike Abbaei, former executive vice presidentr ($2,680,135). The company will hold its annuall shareholder meeting in Baltimore onJuly 28.
Shareholderw will vote on the re-electiob of five directors for three-yeadr terms expiring in Robert E. Angelica, 62, a private investor; Barry W. 65, a consultant and retirecd vice chairmanof Deloitte, an accounting and consultint firm; John E. Koerner III, 66, managinyg member of Koerner Capital LLC, a private investment Cheryl Gordon Krongard, 53, a private investor; and Scott C. 36, a partner at Kohlberg, Kravis Roberts & Co., a private equityg firm. The company’s board members receive a base payof $40,00o0 plus $2,000 per meeting after the sixth meetinvg of each year.