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4-Traders Homepage  >  Equities  >  Nyse  >  Charles Schwab Corp    SCHW

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Charles Schwab Corp : Schwab Grants CEO $10.5 Million Compensation

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01/30/2013 | 11:45pm CEST

--Schwab CEO Walt Bettinger granted $10.5 million compensation award

--Award value could climb to $17.8 million if company meets certain performance targets

--CEO's annual pay has been around $10 million the past three years

Charles Schwab Corp. (SCHW) granted Chief Executive Walt Bettinger a $10.5 million long-term compensation award, which could reach a total of $17.8 million if the company meets certain performance targets, according to a regulatory filing late Wednesday.

In the document, filed with the Securities and Exchange Commission, the San Francisco discount brokerage said the compensation committee of its board approved a $4 million, long-term, incentive-based cash award for Mr. Bettinger. He could take home up to 200% of that target though, or $8 million, or as little as 0 depending on Schwab's performance.

Mr. Bettinger could also receive as much as $6.5 million in restricted stock units and $3.25 million in nonqualified stock options, the company said.

The cash portion of the pay package will be granted March 1 but won't vest for four years and will be based on the company "achieving a performance target related to cumulative earnings per common share for the four-year period from January 1, 2013 to December 31, 2016," the filing said.

The restricted stock units, also with a grant date of March 1, will vest 25% in four annual installments and are based on criteria including Schwab's return on common equity. The stock options will be granted in three installments and will vest 25% on the first, second, third, and fourth anniversaries of the date of grant, according to the filing.

The maximum number of shares payable to Mr. Bettinger is 200% of the $3.25 million target, or $6.5 million.

Mr. Bettinger, who just completed his fourth year as Schwab's CEO, has had his total annual pay stay roughly flat over the past three years at around $10 million.

The compensation award disclosed Wednesday follows a year in which Schwab's profit rose by 7% and its revenue increased by 4%. The company, which posted a strong fourth quarter of net new asset growth, has been hurt by low interest rates and weak trading volume in recent years.

With continued low rates, Schwab has been waiving fees on its money-market funds so client yields don't turn negative. The fee waivers have cut into Schwab's asset management and administration fees.

Among other executive-pay disclosures, the company said it would grant Chairman and Founder Charles "Chuck" Schwab a $5 million long-term award, which could reach as much as $8.5 million based on the same performance criteria. Mr. Schwab's pay package also includes $2 million in deferred cash, $1.5 million in restricted stock and $1.5 million in nonqualified stock options.

Shares of Charles Schwab closed up 0.2% at $16.51. The stock has climbed about 15% so far in 2013.

Write to Brett Philbin at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ($)
Sales 2017 8 657 M
EBIT 2017 3 748 M
Net income 2017 2 198 M
Debt 2017 -
Yield 2017 0,80%
P/E ratio 2017 24,06
P/E ratio 2018 20,05
Capi. / Sales 2017 6,00x
Capi. / Sales 2018 5,35x
Capitalization 51 934 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 45,7 $
Spread / Average Target 18%
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NameTitle
Walter William Bettinger President, Chief Executive Officer & Director
Charles Robert Schwab Chairman
Joseph Raymond Martinetto Chief Financial Officer & Senior Executive VP
Jim McGuire Chief Information Officer & Executive VP
Tim Heier Chief Technology Officer & Executive VP
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