CIT Group Inc. released the details of new chief executive John Thain’s annual $6 million salary. The salary, which is mostly in restricted stock, is broken down in the following way: $500,000 cash, $2.5 million of restricted CIT stock with a holding period of one year, and the remaining $3 million in stock restricted for three years.
Apart from salary, Thain is up for an incentive award from the board for 2010 capped at $1.5 million.
Thain takes over from interim CEO Peter Tobin and was hired in part for the expertise he gained while restructuring the New York Stock Exchange. His compensation is subject to federal regulations, which include the Troubled Asset Relief Program and the Federal Deposit Insurance Corp. regulations.
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