Fifth Third Bancorp CEO Kevin Kabat had his 2008 pay cut in half compared to 2007.
Though he still received $3.1 million in pay last year, he saw his compensation drop significantly from the $6.2 million he received in 2007.
Unfortunately for investors, the company's shares lost more of their value than his pay last. Fifth Third shares plummeted 67% in 2008. Also, Kabat's salary actually went up 4% in 2008.
From the
Dayton Business Journal:
Kabat still received a salary of $900,000, up 4 percent from $867,000
in 2007. He also received $815,000 in stock awards and $1.2 million in
stock options. His pay also included $26,589 in perks, including
country club dues, parking fees and trust and estate planning services.