WashTrust CEO sees compensation climb to $1.5M

JOSEPH A. MarcAurele, chairman and CEO of Washington Trust Bancorp Inc., saw his total compensation package grow 1.8 percent to $1.5 million. / COURTESY WASHINGTON TRUST BANCORP
JOSEPH A. MarcAurele, chairman and CEO of Washington Trust Bancorp Inc., saw his total compensation package grow 1.8 percent to $1.5 million. / COURTESY WASHINGTON TRUST BANCORP

WESTERLY – Leading the bank to another year with record-breaking profit, Joseph J. MarcAurele, chairman and CEO of Washington Trust Bancorp Inc., saw his total compensation package grow 1.8 percent to $1.5 million.
The company ended 2016 with profit totaling $12.2 million, representing a 13.2 percent increase compared with the prior year.
The 65-year-old executive has held his position since 2010 after joining the bank a year earlier. His increase in pay came thanks largely to a 6.1 percent increase in stock awards totaling $514,568. A $5,096 increase to his base salary was offset by a $9,195 reduction to his non-equity incentive plan compensation, according to a federal filing released Monday.
MarcAurele led the second largest Rhode Island-based bank to exceed $4 billion in assets for the first time in company history, ending the year at $4.38 billion.
The Washington Trust Co., wholly owned by Washington Trust Bancorp, had the third largest share of deposits in Rhode Island totaling 9.5 percent as of last June, according to the Federal Deposit Insurance Corp.
The company pays its executives based on bank performance, known popularly as pay-for-performance, which aligns the bank’s financial success with compensation packages.
“The corporation had another year of exceptional performance in 2016, highlighted by record earnings and growth along key business lines,” according to a letter to shareholders.
Shareholders can cast votes on executive compensation plans at the annual meeting of shareholders scheduled for April 25 at the Westerly Library. Last year, 96 percent of the votes cast were in favor of the proposed compensation plans.
The next four highest paid executives at Washington Trust include:

  • David V. Devault: $1.1 million (vice chair, secretary and chief financial officer)
  • Edward O. Handy III: $895,015 (president and chief operating officer)
  • Mark K. W. Gim: $822,894 (senior executive vice president, wealth management and treasurer)
  • James H. Hagerty: $533,829 (executive vice president and chief lending officer)

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