Citizen’s Van Saun, other execs see pay drop in 2015

CITIZENS FINANCIAL GROUP CHAIRMAN AND CEO BRUCE VAN SAUN received $8 million in compensation in 2015. The total represented a 24 percent cut from his 2014 pay, when he received one-time deferred compensation of $3 million from former parent Royal Bank of Scotland. / PBN FILE PHOTO/TRACY JENKINS
CITIZENS FINANCIAL GROUP CHAIRMAN AND CEO BRUCE VAN SAUN received $8 million in compensation in 2015. The total represented a 24 percent cut from his 2014 pay, when he received one-time deferred compensation of $3 million from former parent Royal Bank of Scotland. / PBN FILE PHOTO/TRACY JENKINS

PROVIDENCE – Citizens Financial Group Inc. Chairman and CEO Bruce Van Saun last year received a 24 percent pay cut, leaving him with a total compensation package of $8 million.

The change, which came in the year in which the Providence-based bank regained its independence from Royal Bank of Scotland PLC, came largely from reductions in deferred compensation.

The 2015 compensation package for Van Saun includes a base salary of $1.5 million, stock awards totaling $4.4 million, a $1 million non-equity incentive plan contribution and other company perks totaling $1.1 million, according to a federal filing released this week.

The difference from 2014, during which he received $10.5 million, is largely because of deferred compensation totaling about $3 million he received that year from the company’s former parent RBS, according to a spokesman. Van Saun’s direct compensation, excluding deferred compensation, totaled $7.5 million in 2015 compared with $7.3 million in 2014.

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The compensation packages for the next five highest-paid executives totaled a combined $12.2 million, according to the filing.

Van Saun, 58, joined Citizens as its chairman and CEO in 2013, having previously served as finance director at the British RBS. The Providence bank credits Van Saun with improving its performance, attracting and retaining high-performing talent and achieving full separation from RBS ahead of schedule.

After removing gains and charges stemming from the bank’s sale of its Charter One retail branches in the Chicago area and other restructuring, Citizens profit last year grew 10.3 percent to $871 million, according to its year-end results. Citizens is the largest Rhode Island-bank, with assets totaling $138.2 billion.
The bank this week announced plans to build a 420,000-square-foot corporate campus in Johnston. The new campus will consolidate 3,200 employees, who are currently in various offices throughout the state, into one place.

The bank’s headquarters is expected to remain at 1 Citizens Plaza in Providence, where the company will hold its annual stockholders meeting at 9 a.m. on April 28. Stockholders of record will get the opportunity to vote for company directors and the company’s executive compensation plan, which is commonly referred to as “say on pay.”

As of March 7, there were 527.9 million shares of common stock outstanding. Last year, more than 98 percent of votes cast were in favor the company’s compensation plan.

After Van Saun, the next five highest-paid executives at Citizens include:

  • Eric Aboaf: $3.6 million (chief financial officer)
  • Brad L. Conner: $2.5 (head of consumer banking)
  • Stephen T. Gannon: $2.3 million (general counsel)
  • Nancy L. Shanik: $2.2 million (chief risk officer)
  • John J. Fawcett: $1.6 million (former chief financial officer)

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