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Old National cut CEO's pay 10.6 percent last year

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Robert G. Jones, president and CEO of Evansville-based Old National Bancorp, saw his total compensation fall 10.6 percent in 2009, to $1.2 million, according to the company's newly filed proxy statement. And the rest of his management team’s compensation stayed flat or declined slightly.

Jones, 53, who's led Old National since 2004, earned $146,177 less than in 2008. Old National, the largest bank headquartered in Indiana, also saw its results fall last year. Revenue slid from $561 million to $504 million, and profit declined from $63 million to $14 million.

Old National shares slumped in 2009, falling 29 percent to $12.36.

Most of Jones' pay, $650,000, was his cash salary. Most of the remainder was in the form of performance-based restricted stock units and stock options.

Old National paid Jones no bonus last year, but awarded five-figure bonuses to the other four highest-paid executives.

Pay for other top top executives:

— Chief Financial Officer Christopher A. Wolking, 50, earned $524,693, down 3.6 percent.

— Chief Banking Officer Barbara A. Murphy, 59, earned $569,756, up 0.9 percent.

—Chief Credit Officer Daryl D. Moore, 52, earned $455,340, up 0.1 percent.

— Chief Administrative Officer Allen R. Mounts, 58, earned $416,761. This was his first year on the list of highest-paid executives.

IBJ uses the Associated Press formula to calculate executive pay. It gauges the value of compensation such as stock and options grants at the time they are awarded, not the time they are cashed in.

Old National spent $787,489 last year on combined board compensation for its 11 independent directors, slightly more than the $725,340 it spent in 2008.

 

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  1. These liberals are out of control. They want to drive our economy into the ground and double and triple our electric bills. Sierra Club, stay out of Indy!

  2. These activist liberal judges have gotten out of control. Thankfully we have a sensible supreme court that overturns their absurd rulings!

  3. Maybe they shouldn't be throwing money at the IRL or whatever they call it now. Probably should save that money for actual operations.

  4. For you central Indiana folks that don't know what a good pizza is, Aurelio's will take care of that. There are some good pizza places in central Indiana but nothing like this!!!

  5. I am troubled with this whole string of comments as I am not sure anyone pointed out that many of the "high paying" positions have been eliminated identified by asterisks as of fiscal year 2012. That indicates to me that the hospitals are making responsible yet difficult decisions and eliminating heavy paying positions. To make this more problematic, we have created a society of "entitlement" where individuals believe they should receive free services at no cost to them. I have yet to get a house repair done at no cost nor have I taken my car that is out of warranty for repair for free repair expecting the government to pay for it even though it is the second largest investment one makes in their life besides purchasing a home. Yet, we continue to hear verbal and aggressive abuse from the consumer who expects free services and have to reward them as a result of HCAHPS surveys which we have no influence over as it is 3rd party required by CMS. Peel the onion and get to the root of the problem...you will find that society has created the problem and our current political landscape and not the people who were fortunate to lead healthcare in the right direction before becoming distorted. As a side note, I had a friend sit in an ED in Canada for nearly two days prior to being evaluated and then finally...3 months later got a CT of the head. You pay for what you get...

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