MarcAurele to make less than Treanor, Warren

WESTERLY – Washington Trust Bancorp will be saving a little cash when Joseph J. MarcAurele takes over as its top executive.
The parent company of the Washington Trust Co. says in regulatory filings that MarcAurele, the incoming president and chief operating officer, will earn an annual salary of $400,000 when he replaces current president and COO John “Jack” Treanor next month.
MarcAurele’s salary will be bumped to $450,000 when he is appointed president and chief executive officer after CEO John C. Warren retires in April, according to a written job offer filed with the U.S. Securities and Exchange Commission.
By comparison, Treanor’s base salary was $483,000 and Warren’s is $637,000, according to www.Yahoo!Finance.
Before accepting the positions at Washington Trust, MarcAurele, of East Greenwich, had served as president of Citizens Bank Rhode Island since 2001.
In the job offer, Washington Trust Bancorp also agreed to pay MarcAurele a one-time signing bonus of $100,000 “in recognition that you are forfeiting bonus and equity compensation” from Citizens by taking the job.
Once MarcAurele takes over, he will be granted 7,000 restricted bank shares and will have a stock option to buy 21,000 shares.
In addition to other job benefits, MarcAurele will participate in an annual performance plan, with his target bonus payment set at 45 percent of his base salary, based on corporate and individual performance.
Washington Trust Bancorp Inc. (Nasdaq: WASH) is the parent of The Washington Trust Co., a Rhode Island-chartered bank founded in 1800 that has offices in Rhode Island, Massachusetts and southeastern Connecticut. Additional information is available at www.WashTrust.com.