State Street discloses executive compensation

State Street Corp. said Chairman Ronald E. Logue got $28.7 million in total compensation last year, a period in which the company's shares lost nearly 47 percent of their value.

Unlike some of the companies in its peer group, State Street remained profitable, with earnings rising 13 percent from 2007.

State Street got $2 billion in taxpayer capital last October as one of the first companies to sell stock to the government under the Treasury Department's $700 billion Troubled Asset Relief Program. By accepting the money, the company agreed to abide by new restrictions on executive compensation.

Logue's total compensation rose 1.3 percent from 2007. According to State Street's proxy statement for its annual meeting in May, he got $1 million in salary last year, unchanged from the previous year. Logue got no bonus, in keeping with the company's decision not to award any incentive compensation to its top executives last year. He got a cash bonus of $3.75 million in 2007.

Logue received stock awards that State Street valued at $13.4 million, an increase from $7.96 million in 2007. According to the proxy statement, he also got stock options and stock appreciation rights the company valued at $6.44 million, down from $8.2 million last year.

State Street said the stock awards were granted in February 2008 and were part of his incentive compensation for prior years. It said the amounts listed for both categories represented the accounting expenses that the company incurred, rather than their current value.

Logue's stock awards in 2008 included a grant of 50,287 restricted shares. They were worth $81.71 each when they were issued, putting their total value at $4.11 million. At State Street's current stock price, those shares are worth about $1.16 million.

Logue also was awarded stock appreciation rights covering 256,701 shares, at a base price of $81.71. State Street valued that award at $5.41 million. With the steep decline in the company's stock, those rights are currently worthless.

State Street's stock started 2008 at $81.20 a share, and ended at $39.33. It has continued falling in the first three months of this year, closing Monday at $23.12.

Logue's compensation for 2008 also included a $7.78 million increase in the actuarial present value of his accumulated benefits under the company's defined and supplemental pension plans.

State Street said it provided Logue with a car and "driver/security specialist,'' at a cost of $34,695. It also provided home security, at a cost of $18,329.

Joseph J. Hooley, State Street's president and chief operating officer, had total compensation of $11.6 million last year, up 12.6 percent from 2007. The salary portion of that was $763,452, which amounted to an increase of 5.3 percent.

Chief Financial Officer Edward J. Resch had total compensation of $11.4 million, as did Vice Chairman Joseph C. Antonellis. State Street said Hooley and Antonellis also were provided cars and drivers, as well as home security.