M&T CEO Jones’ com­pen­sa­tion reaches $4.77 mil­lion

The Buffalo News - - BUSINESS NEWS - By Matt Glynn NEWS BUSI­NESS RE­PORTER

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.

Derek Gee/Buf­falo News

Rene F. Jones was pro­moted to M&T chair­man and CEO at the end of 2017.

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