PROVIDENCE – A pair of bank CEO saw their respective compensations fall in 2023.
Bruce Van Saun, CEO of and president of Citizens Financial Group Inc., and Edward O. Handy III, Washington Trust CEO and chairman, each saw their total compensation drop in 2023 according to their respective institution’s proxy statements.
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Van Saun’s total compensation fell from $11.7 million in 2022 to $11.1 million in 2023, according to the Citizen’s proxy statement issued March 11. Van Suan received a base salary of $1.5 million , $2 million in bonuses and $7.3 million in stock awards in 2023.
Van Saun’s compensation compared to a median employee at Citizen’s was 149 to 1, according to the proxy statement.
It was the third-straight year Saun saw his total compensation drop. In 2021 Van Saun’s total compensation was $12.4 million in 2021.
Handy earned $1.4 million in 2023, 22% less than the $1.9 million he got in 2022, according to the proxy statement Washington Trust issued Tuesday. Handy’s 2023 compensation included a $750,000 base salary and $495,328 stock awards.
Handy’s 2023 total compensation was 20.05 times higher than the median employee at Washington Trust, according to the proxy statement.
