Legg Mason CEO and Chairman Mark R. Fetting received a 28 percent pay increase during the past fiscal year, the company reported Wednesday.
Fetting's pay totaled $5.9 million for the year ending March 31, up from $4.6 million the previous fiscal year, according to regulatory filings.
The Baltimore money manager posted a profit of $253.9 million during the fiscal year ending March 31, up 24 percent from the previous year. The company's stock rose 26 percent during that period, Legg's board noted in the filings.
Fetting's base salary remained unchanged at $500,000. His cash bonus rose to $2.9 million, up from $950,000 the previous year. Stock awards and options granted to Fetting during the last fiscal year were valued at almost $1.9 million and $625,000, respectively.
Other compensation, which includes insurance premiums, totaled $21,272.
Legg's board of directors said the increases were driven by "our improved performance and results."
Former Senior Executive Vice President David R. Odenath was the highest-paid Legg manager at $10.7 million. Odenath, who joined the company in 2008, left in December.
Odenath received a cash payment of $3.9 million, and stocks and options worth nearly $6.5 million, some of which were for accelerated vesting of equity awards. He also received a base salary of $262,500.
Separately, Legg's board of directors recommended that its shareholders vote on executive compensation annually under the "say on pay" provision of the Dodd-Frank financial reform act. The company will hold its annual shareholder meeting July 26.
Legg shares lost $1.08, or 3.2 percent, to close Wednesday at $32.76.
