The former chief executive officer of E-Trade Financial Corp. (NASDAQ: ETFC) received $4 million in 2009, according to Associated Press on Tuesday.
Donald Layton’s pay reflects terms he agreed to after he was named chief executive in March 2008. The appointment came at a time when the online brokerage began struggling after the subprime mortgage crash.
Layton, who previously served as vice chairman of JPMorgan Chase & Co. (NYSE: JPM), had agreed to serve through 2009 for a base salary of $1 million and no bonus or new stock and options.
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In his first year as CEO, Layton was given a pay package worth $16.5 million, the majority of which came from $15.7 million in stock and options.
Although he received no new equity awards last year, E-Trade said in a regulatory filing it decided to pay Layton an extra $3 million for his “successful efforts to raise capital and restructure some of the company's debt.”
In the final quarter of 2009, E-Trade lost $67.1 million, or 4 cents per share, compared with a loss of $275.6 million, or 50 cents per share, in the same period a year earlier.
For all of 2009, E-Trade lost $1.3 billion, or $1.18 per share.
At the end of the year, the company also named Robert Druskin interim CEO and agreed to pay him a base salary of $300,000 a month. The company said at the time that it is continuing its search for a permanent CEO and that Druskin is not a candidate.
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