The parent company of
Lawrence Lasser, president and chief executive of Boston-based Putnam, earned no bonus last year in a move he initiated to cut costs (see MFMN 4/16/01). But he earned $1 million in salary, another $1 million in restricted stocks and an additional $407,000 for such service as acting as a trustee of the Putnam funds in 2002, according to a proxy statement Putnams parent company,
The statement kept the bonus category blank for all executives. Jim Fingeroth, spokesman for Marsh & McLennan, told Reuters the information on bonuses would be provided by a subsequent filing, but didnt say when it would be made. Last year the company filed only once on bonuses.
A year ago, as Putnam laid off 4% of its workforce, Lasser sent a memo to his employees saying, "Over nearly 20 years, since the 1982 bull market first began, Putnam has grown significantly, virtually every year. The market changes which began last year have unwound some of that growth for Putnam and for the entire money management industry."
Investors last year pulled $15.7 billion out of Putnam funds, which today stand at $241 billion, and revenue in the fourth quarter, excluding a write off, fell 22%, Reuters reported.
