T. Rowe Price Execs Took Pay Cut in 2009

Baltimore asset management titan T. Rowe Price 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.

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