Monday, March 16, 2009

No Bonuses for Top Executives at First Horizon

Posted By on Mon, Mar 16, 2009 at 4:00 AM

The three top bankers at First Horizon didn't get bonuses in 2008, but still earned roughly $1.5 million apiece, according to documents released this week.

First Horizon, parent of First Tennessee, is the last remaining Memphis-based regional bank and has approximately 6,200 employees. Its stock price has fallen from over $40 to below $10 in two years. It has cut 30 percent of its employees, sold 34 branches, got out of national lending, and reduced its assets by $6 billion.

According to the proxy statement, CEO Bryan Jordan earned $1,442,327 in total compensation in 2008. Charles Burkett, president of banking, earned $1,489,229. F. J. Gusmus, president of FTN Financial, earned $1,529,584, and former CEO Gerald Baker got $2,063,766.

If there is a change of control of First Horizon, Jordan gets $2,254,169, Burkett $4,119,305, and Gusmus $4,426,776.

First Horizon had $1.66 billion revenue in 2008. Birmingham-based Regions Financial had $6.6 billion in revenue, while Atlanta-based SunTrust had $8.3 billion in revenue. All three regional banks received funds in the federal bailout, with First Horizon getting the lowest amount -- $866 million.

As previously reported, Regions CEO C. Dowd Ritter earned $9,261,865 in 2008. SunTrust CEO James Wells III earned $5,450,214.

First Horizon's annual shareholder meeting is scheduled for April 21st in Memphis.

--John Branston



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