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.

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