Baltimore asset management titan T. Rowe Price [TROW] reported its executives took compensation cuts in 2009, led by CEO James Kennedy, who had his compensation package slashed by 17%.

According to the proxy report, Kennedy's cash incentive dropped $550,000 to $3.3 million, while his stock option award fell $425,337 to $1.02 million. His salary was unchanged at $350,000, for a total package of $4.73 million. In 2008, his total compensation was $5.7 million, the report said.

The firm's four other highest-paid executives also took pay cuts last year, including Chairman Brian Rogers, whose compensation fell from $6.62 million in 2008 to $4.72 million last year.

T. Rowe Price earned $433.6 million, or $1.65 a share, in 2009, down from $490.8 million, or $1.81 a share, in 2008. Revenue declined from $2.12 billion to $1.87 billion.