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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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