M&T Bank chairman and CEO Rene F. Jones' salary was increased by 21 percent this year to $900,000, according to a regulatory filing by the Buffalo-based bank.
Jones had a base salary of $745,000 last year as an M&T vice chairman. He was named chairman and CEO following the Dec. 16 death of Robert G. Wilmers, who had held those roles. Details of M&T executives' compensation were disclosed in the bank's annual proxy on Wednesday.
M&T this year also increased the base salary of chief financial officer Darren J. King by 3 percent, to $670,000.
M&T kept unchanged from last year the base salary for three other M&T executives: Richard S. Gold, who was named president and chief operating officer at the end of 2017, $745,000; vice chairman Kevin J. Pearson, $745,000; and executive vice president Doris P. Meister, who oversees M&T's wealth management businesses, $800,000. Wilmers' base salary for 2017 was $975,000.
The board's nomination, compensation and governance committee made its base salary decisions in January. The committee considered factors including M&T's performance in 2017 — compared to both its peer group and business plan — the salaries of M&T's executives compared to its peer group, the individual performance of the executives, and the appointment of Jones as chairman and CEO.
Jones in 2017 had total compensation of $3.04 million, up 24 percent from the year before. The total included a $1.1 million bonus. An executive's total compensation also includes factors such as stock awards, change in pension value and other compensation. Some of those don't go into an executive's pocket right away.
Total compensation for other M&T executives in 2017 was Pearson, $3.83 million; Gold, $2.81 million; Meister, $2.17 million; and King, $2.03 million.