What happens next Where's my refund? Best CD rates this month Shop and save 🤑
MONEY
Jennifer Garner

What's in his wallet? Capital One discloses CEO Fairbank's compensation

Gary Strauss
USA TODAY
Actress Jennifer Garner stars in Capital One's TV ads.

Capital One Financial CEO Richard Fairbank hasn't received a salary from the banking and credit card giant since 1998. He'll continue keeping it that way in 2015.

Still, Fairbank received compensation valued at more than $19.6 million in 2014, up 7% from $18.3 million in 2013, according to Capital One's preliminary annual proxy statement, filed Friday.

Fairbank, 64, has been Capital One's CEO since July 1994.

His no-salary arrangement, approved by Capital One's board in late 1997, is unusual, but not unprecedented in the ever-escalating world of executive compensation. Capital One said the bulk of Fairbank's compensation is equity-based, tied to the company's stock performance and deferred for three years.

His pay package includes restricted shares worth $2.9 million, a deferred $4.4 million bonus, a $10.5 million stock award and stock options worth $1.75 million. Fairbank's compensation and year-end incentive award was based in part on operating income, earnings per share, revenue and performance over a three-year period ending December 2016.

Fairbank gained another $22.9 million from previously awarded stock that vested last year, Capital One said. That's down from about $23.2 million Fairbank gained from stock option exercises and vested shares in 2013

Capital One's total shareholder return rose 9.5% in its latest fiscal year, 102% over the past three years and 125% over the past five.

Earlier this week, the McLean, Va., based company said it's being investigated by the Justice and Treasury departments for possible money-laundering. Capital One's subprime auto finance operations are also being reviewed by Justice Dept. officials.

Follow CEO pay on Twitter @gstrauss_

Featured Weekly Ad