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million in total compensation in fiscal the company said in a filinhg Monday withthe . Fetting was paid $500,0090 in salary, $950,000 in bonuses, $3.4 million in stoco awards, $1,6 million in stock options andabout $34,000 in othet compensation for a total of $6.5 million in the year ended Marchg 31, the filing said. His total compensation was aboutr 39 percent more thanthe $4.7 milliomn Fetting was paid in fiscalk year 2008.
Fetting’s 2009 compensation includes stocki awards and options vestingin 2009, some of which were awarded in previous years, said Legg spokeswoman Mary In raising Fetting’s compensation, the company’s board of directors considered Fetting’xs “accomplishments during the year, including his leadershil during one of the worst financial crisesw of the last 100 years,” Athridge said in an e-maile statement. Fetting was credited with helping the companyraise $1.
1 billion in capital, recruiting new top cutting expenses by $135 million and sellingg off billions in structured investmenty vehicles, or SIVs, from the company’s money market funds, Athridges said. Baltimore-based Legg Mason (NYSE:LM) lost $1.9 or $13.85 a share, for the year ended March 31, as the companyu saw investors withdraw money from its funds as the stockomarket slumped. The company took a net loss of $1.4 billio n in disposing of its SIVs andan $863 millio n non-cash impairment charge duringf the year. In fiscak year 2008, Legg Mason earned $267 million, or $1.865 a share.
Fetting’s cash bonus was reduced by nearlgy $1 million compared with the year but his stock awards went fromabourt $936,000 last year to more than $3.4 millio n in 2009, according to the SEC Making more of Fetting’s pay dependent on the performance of Legg Mason’ws stock, “aligns his interest with that of Athridge said. Fetting, who owns or controlss 311,411 Legg Mason sharesx is the company’s third-largest shareholder, after mutual fund companies Dodgew & Cox, which owns 8.7 million or 6.2 percent of the and Invesco Ltd., which owns 7.5 million shares, or 5.3 perceng of Legg Mason’s stock.
Fetting, in his annualk report to shareholders, which was released Monday, spoke of how difficultf it was to steer an asset manager like Legg Mason through the shoals of the rockygfinancial markets. “2008 represented one of the most difficult economic periods in modern financial history and certainly the worsr Ihave witnessed,” he wrote. Legg Mason’s filing also listws the total compensation of other top Legg Maso n executives includingCharles J. Daley Jr., chietf financial officer and treasurer ($2,478,620), David R. senior executive vice president, ($4,432,122), Joseph A. Sullivan, chief administrativre officer ($2,055,883), Peter L.
Bain, Legg Mason’s formedr president ($4,985,138) and Mike Abbaei, formet executive vice president ($2,680,135). The company will hold its annuall shareholder meeting in Baltimore onJuly 28. Shareholders will vote on the re-electio n of five directors for three-year termzs expiring in 2012: Robert E. Angelica, 62, a privatd investor; Barry W. Huff, 65, a consultantg and retired vice chairmajnof Deloitte, an accounting and consulting firm; John E. Koernetr III, 66, managing member of Koernee Capital LLC, a private investment company; Cheryl Gordonm Krongard, 53, a privatew investor; and Scott C. Nuttall, 36, a partned at Kohlberg, Kravis Roberts & Co., a privatwe equity firm.
The company’s board members receive a base payof $40,000 plus $2,000 per meetint after the sixth meeting of each
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