State Street Corp. said on Thursday that it paid Chief Executive Officer Ronald Logue a $2.8 million bonus for 2004, raising his total compensation to $6 million, Reuters reports.
In 2003, Logue was State Street's president and chief operating officer and earned $1.7 million, while State Street's then-CEO, David Spina, earned about $1 million in salary and $1.2 million in bonus. Logue became CEO last summer when Spina resigned unexpectedly.
Last year, State Street said its net income jumped 11% to $798 million. As part of Logue's plan to cut costs, the company shed more than 400 jobs.
This year, Logue's salary of approximately $919,846 will not be raised, the company said.