The CEO of American Express Co. is getting a 60 percent pay raise.
The base salary for Kenneth Chenault, 58, rises to $2 million this year from $1.25 million effective Feb. 1, according to documents filed Friday with the Securities and Exchange Commission.
Three other executives are getting smaller raises ranging from 21 percent to 33 percent. Vice Chairman Edward Gilligan's base salary will rise to $1.45 million from $1.1 million, and Chief Financial Officer Daniel Henry's base salary will increase to $850,000 from $700,000. Stephen Squeri, group president of global services and chief information officer, will see his base salary climb to $1 million from $750,000.
The company says the pay raises shift compensation for the executives toward a higher base pay and lower incentive awards. It says executive compensation still is weighted toward long-term incentives, particularly stock-based awards.
Shares of American Express added 83 cents, or 2.2 percent, to $38.26 in midday trading.
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