M&T CEO Jones’ compensation reaches $4.77 million
M&T Bank Corp. chairman and CEO Rene F. Jones had total compensation of $4.77 million in 2018, his first full year in the bank’s top leadership roles.
Jones, 54, collected a salary of $900,000, a 21 percent increase from the year before, according to a regulatory filing. Jones was promoted to chairman and CEO at the end of 2017, following the death of Robert G. Wilmers, and his salary was increased in early 2018.
Earlier this year, Jones’ salary was increased again to $950,000.
Jones’ total compensation for 2018 included a $1.25 million bonus and stock awards of $1.9 million. Some of the compensation factors don’t go into an executive’s pocket right away. Jones’ total compensation increased 57 percent from the year before.
His total compensation was 77 times that of the total compensation of the median M&T employee’s $62,061. Median indicates that half of M&T’s roughly 17,000 employees had compensation of more than $62,061, and half of them had less than that amount.
Richard S. Gold, the president and chief operating officer, received total compensation of $3.21 million. He was also promoted at the end of 2017. Gold’s salary was $745,000, unchanged from the year before.
Vice chairman Kevin J. Pearson also had total compensation of $3.21 million, and his salary of $745,000 was unchanged from 2017.
Darren J. King, the chief financial officer, had total compensation of $2.4 million. His salary of $670,000 increased 3.1 percent from the year before.
Doris P. Meister, an executive vice president who oversees the bank’s wealth management divisions, had total compensation of $2.4 million. Her salary of $800,000 was the second highest among M&T executives and was unchanged from 2017.
The bank’s annual shareholders meeting is scheduled for April 16 at its headquarters.
Rene F. Jones was promoted to M&T chairman and CEO at the end of 2017.