American Express CEO awarded $50.1 mln in 2007

[UpInArms]

Source: Reuters

NEW YORK, Feb 25 (Reuters) - American Express Co (AXP.N: Quote, Profile, Research), the credit card and travel services company, said on Monday Chief Executive Kenneth Chenault was awarded about $50.1 million in compensation in 2007.

According to the company's proxy filing with the U.S. Securities and Exchange Commission, Chenault was awarded a $1.24 million salary, a $6 million bonus, $500,000 of non-equity incentive plan compensation, and $1.07 million of other compensation.

Chenault was also granted restricted stock units valued at $6 million as of the grant date, an additional restricted stock award valued at $2.07 million as of the grant date, and stock options valued at $33.24 million as of the grant date, the filing shows.

<snip>

Other compensation included such things as $323,844 for personal use of company aircraft, $126,992 for a home security system, dividend payouts, company contributions to defined contribution plans, and other items.

Compensation is based on salary, bonus, the value of stock options and other awards granted during the year, and incentives and perks. Chenault, 56, has been New York-based American Express' chairman and chief executive since 2001.

<snip>

American Express shares fell 14 percent last year, compared with a 21 percent drop in the Standard & Poor's Financials Index . The company's shares have fallen 13 percent this year, and closed Monday up 15 cents at $45.21.

Read more: http://www.reuters.com/article/bondsNews/idUSN2528011020080225

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bet the shareholders wish they could have some of that :eyes:

[Egalitariat]

1. Good for him. I wonder if he earned any of it or it was all

"awarded".

[OhioChick]

2. Must Be Nice. n/t

[Faygo Kid]

3. It's time for a reckoning with the credit card companies.

They have had seven years of protection, seven years to steal consumers blind, seven years to pass some of the most anti-consumer legislation in our history (see that bankruptcy bill - thank you, HRC), seven years of non-disclosure, seven years of lying, cheating, stealing, and $50 million payouts to their Bush-backing CEOS.

It's time for a reckoning. One of the very, very, first orders of business in 2009 is to clamp down on these fuckers and make them do business honestly, with full disclosure and no ability to crush people through interest rate hikes on a whim.

This is non-negotiable.

[soothsayer]

8. Why on earth are they allowed to charge such outrageous interest??

It should be held to just above prime. It's a sin that congress allows this usury.

[sergeiAK]

10. Because they're taking on high-risk, unsecured loans

Holding those to just above prime would make CCs much much harder to get, harder to carry a balance on, and make more cards require an escrow account.

[EmperorHasNoClothes]

4. $5719 per hour, not bad!

(assuming he worked 24 hours a day, every day of the year)

[kimmylavin]

5. Well, of COURSE he did!

You don't think he would just take money that he hasn't EARNED, do you? :sarcasm:

[mitchum]

6. Well, he deserves a solid gold lamppost

[Xenotime]

7. Un-fucking-believeable. Familys lose their homes and this asshole

gets to profit from it.

[Vinca]

9. No one is worth that obscene amount of money. nt