As noted in a recent Fool news article, American Express (NYSE:AXP) has named Jeffrey Campbell as its new executive vice president and CFO, effective later this summer. In a current SEC filing, American Express detailed Campbell's pay package, which could total as much as $20.5 million when fully vested, including salary, incentives, grant awards, and restricted stock and options.
As per the SEC filing, Campbell's compensation will include a $1 million base salary and participation in American Express' annual incentive program with a "guidance value" of $3.5 million, though that is pro-rated for 2013, in addition to its long-term incentive program valued at $2.5 million in restricted stock and options. Campbell will receive his first long-term incentive award July 31 and will be fully vested by Q1 of 2016.
An American Express "portfolio grant" is also part of Campbell's compensation package. The grant, worth as much as $1.5 million, will be awarded upon hire and will be fully vested in February 2016.
In addition to the salary, incentive, and grant, Campbell will also be given "sign-on" compensation, including a portfolio grant vesting in February 2015 and valued at $3 million, and a sign-on grant of restricted stock and options valued at $5 million when received, vesting in three years. A sign-on cash award of $4 million, payable in two annual installments beginning on Campbell's first anniversary, and participation in American Express' executive benefit plans round out his compensation package.
Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool recommends American Express. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.