SunTrust Bank approved an 11 percent raise for its president but otherwise froze executive pay to comply with the federal Troubled Asset Relief Program, according to a filing with the Securities and Exchange Commission.
The Atlanta-based bank approved a raise for its president, William Rogers Jr., based on “increased responsibilities he has assumed since his promotion last year,” the filing states. His salary rose to $560,000.
The pay increase was the second for Rogers since he was named president in late 2008, sparking speculation he is being groomed as the next chief executive officer.
Rogers was given the pay raise Jan. 1, 2009, according to the company’s 2009 proxy statement.
SunTrust otherwise will not increase the salaries for its chairman and CEO and executive vice presidents. It also will not pay cash bonuses for 2009, nor will it pay any restricted long-term stock bonuses for 2009, the filing said.
SunTrust’s board approved the compensation changes at a Dec. 30 meeting. The changes were made to meet guidelines for banks that received money from TARP.
SunTrust, Georgia’s largest bank, received $4.85 billion in TARP funds. It is one of 26 Georgia banks to receive TARP money.
The federal government has invested $6.2 billion in Georgia’s banks through TARP, a program that has been criticized by some as a bailout of an industry that helped create the financial crisis.
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