Discover CEO Nelms' Compensation Rose 62% In Fiscal 2011
February 24 2012 - 9:53AM
Dow Jones News
Discover Financial Services (DFS) Chairman and Chief Executive
David Nelms' compensation rose 62% in fiscal 2011 as the
credit-card lender posted higher profit and increased loans.
Nelms was rewarded $13.9 million for the year ended Nov. 30,
according to the company's annual proxy filing with the U.S.
Securities and Exchange Commission Friday. Nelms made $8.6 million
in the previous year.
Compensation for the most recent year included $1 million in
base salary, $9.6 million in stock awards and $3.2 million in
incentive-plan compensation.
His prior year package included $4.6 million in base salary,
$2.3 million in stock awards and a $1.7 million bonus.
Discover, among the largest issuers of credit cards, has
benefited over the last year as borrowers have increasingly paid
their bills on time. This has allowed the company to sock away less
money to cover soured loans. The company has also continued to push
into newer products, including personal and student loans, to widen
its portfolio. It plans to originate mortgages as part of a pending
deal to acquire a mortgage platform from Tree.com Inc. (TREE).
For the quarter ended Nov. 30, Discover reported a profit of
$513 million, or 95 cents a share, up from a prior-year profit of
$350 million, or 64 cents a share. The company has among the lowest
delinquency and net charge-off rates in the credit-card
industry.
Discover's shares are up 39% over the last year. The shares
closed up 1.1% Thursday at $30.04 and were inactive premarket.
-By Andrew R. Johnson, Dow Jones Newswires; 212-416-3214;
andrew.r.johnson@dowjones.com
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