CIT Awards CEO Thain $8.2 Million for 2011
According to its annual proxy filing, CIT Group said it awarded chief executive John Thain $8.22 million in compensation for 2011. CIT said the award was based on Thain’s achievements with regard to performance opposite financial, operational and strategic goals.
Thain’s compensation was up 22.9% from 2010, when he joined the company shortly after its exit from bankruptcy. His compensation for last year includes a base salary of $500,000, a bonus of $1.9 million and stock awards valued at $5.8 million. He also received compensation predicated on the value of his personal use of a car and driver, life insurance and 401K matching of $50,279.