Two SunTrust Banks executives who were recently involved in a leadership shuffle saw substantial increases in pay last year.
The value of Mark Chancy’s pay package jumped from almost $3.3 million in 2015 to over $6.4 million last year. Last month, he was promoted to vice chairman in charge of SunTrust’s consumer segment, which resulted from combining its mortgage, consumer banking and private wealth management businesses.
Previously, Chancy was corporate executive vice president in charge of wholesale banking.
Thomas E. Freeman’s pay package rose last year to $4 million from $2.6 million in 2015. Last month SunTrust named Freeman its “Efficiency & Strategic Partnerships Executive,” leading efforts to boost efficiency and to look for new alliances with high-tech financial companies.
Previously, Freeman was a corporate executive vice president in charge of the consumer banking and private wealth management businesses taken over by Chancy.
SunTrust said at the time that it made the management changes to streamline operations and boost the bank’s performance.
Meanwhile, SunTrust Chairman and CEO William H. Rogers Jr. got compensation worth almost $8.2 million last year, a 3 percent increase over 2015. However, much of Rogers’ raise — $474,942 — was from an increase in the accounting value of his pension benefits.
SunTrust’s profit fell 3 percent last year, to under $1.9 billion, after expenses rose and the bank had to set aside $101 million for potential loan losses, twice as much as in 2015.
Rogers’ compensation and those of four other top executives were detailed in a proxy statement filed with the U.S. Securities and Exchange Commission.
Rogers also got a raise in his salary, to $1 million from $925,000 the previous year. His bonus rose slightly, to almost $2.1 million, and “other compensation” — mostly a company match on his 401(K) and similar savings — more than doubled, to $220,117.