Wilmington Trust Corp., which agreed to sell itself at a fire-sale price to M&T Bank in October, rescinded parts of chief executive Donald E. Foley's pay package while raising his annual base salary to $1.5 million from $1.2 million, the bank said in a regulatory filing Thursday.
Foley lost a $1.75 million signing bonus and a proposed amendment to a retirement package that would have given him 14 years of service for vesting purposes even though he just started as CEO this year.
The company, which is under fire from shareholders, also cut the number of restricted shares Foley will receive for this year to 23,463 from 40,026. After the merger, Foley will lose his job as CEO. - Harold Brubaker