Accountability in Wall Street C-Suites was hard to come by for many years.
But there now appears to be some daylight, at least at one firm.
Credit Suisse announced today it was hacking CEO Brady Dougan’s pay by 69% to $3.3 million, reflecting what the firm’s compensation committee called “a difficult year in terms of financial performance.”
Credit Suisse shares declined nearly 50% in 2011.
The committee did give credit to Dougan for taking it like a boss.
Their decision “represents the CEO taking real and direct accountability for the earnings level and share price performance of the Group, in alignment with the interests of shareholders,” the board wrote in its annual report.
The board also lowered its own performance pay by 46%.