Citizens CEO Van Saun made $9.2M in 2016

Bruce Van Saun, chairman and CEO of Citizens Financial Group Inc., in his office at 1 Citizens Plaza in Providence. / PBN FILE PHOTO/MICHAEL SALERNO
BRUCE VAN SAUN, chairman and CEO of Citizens Financial Group, received total compensation of $8.5 million in 2017, according to the company's most recent federal filing. / PBN FILE PHOTO/MICHAEL SALERNO

PROVIDENCE – Bruce Van Saun, Citizens Financial Group Inc.’s chairman and CEO, saw his pay increase 15.5 percent to $9.2 million last year, as the company continues to improve its bottom line.
Van Saun’s compensation package gain was realized largely due to an increase in stock awards, which grew 24.7 percent to $5.5 million, according to federal filing. His nonequity inventive plan also more than doubled to $2 million. Other money earmarked for his pension and benefit allowance, 401(k) contributions and other general allowances totaled $260,538, representing a sharp decline from last year’s total of $1.1 million. Van Saun’s base salary of $1.5 million remained the same.
Total compensation for the next five highest-paid executives combined totaled $9.2 million.
Van Saun, 59, joined Citizens as chairman and CEO in 2013, having previous served as finance director of the bank’s former parent The Royal Bank of Scotland. The bank’s executive compensation is based on a pay-for-performance system, which ties compensation to bank performance, meaning if Citizens does well, so does its executives.
The Providence-based company reported 2016 profit growing 24.4 percent to $1 billion, or $1.97 per share.
The company also improved operations, maintaining a 6 percent operating leverage for the year, excluding some restructuring charges.
Shareholders will be given a chance to vote on the company’s executive compensation plan during its annual meeting of stockholders scheduled for April 27 at the company’s headquarters.
Last year, more than 98 percent of shareholders voted in favor of the company’s executive compensation plan.
The next five highest-paid executives include:

  • Eric Aboaf: $2.7 million (former chief financial officer, left to join State Street Corp.)
  • Donald H. McCree III: $2.3 million (vice chairman, commercial banking)
  • Brad L. Conner: $2.2 million (vice chairman, consumer banking)
  • Stephen T. Gannon: $1.9 million (general counsel and chief legal officer)
  • John J. Fawcett: $117,240 (interim chief financial officer)

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