BALTIMORE, MD — The chief executive officer of money manager T. Rowe Price Group Inc. received a 7.5 percent increase in total compensation last year, according to a filing Friday with the Securities and Exchange Commission.
William Stromberg received $9.1 million in total compensation in 2016, up from $8.4 million in 2015.
Stromberg’s base salary remained the same at $350,000, but his stock awards rose to $1.8 million in 2016 from $807,923 in 2015.
Stromberg also received $6.85 million in nonequity incentive plan compensation in 2016, up from $6.6 million in 2015.
He has been with the company for 29 years. Stromberg served as the head of equity from 2009 to 2015 and the head of U.S. equity from 2006 to 2009.
He also served as a director of equity research from 1996 to 2006, as a portfolio manager of the Capital Opportunity Fund from 2000 to 2007 and the Dividend Growth Fund 1992 to 2000, and as an equity investment analyst from 1987 to 1992.
Chief Financial Officer Kenneth Moreland also saw an increase in total compensation in 2016. He received $1.9 million last year, up from $1.8 million in 2015.
At the end of 2016, T. Rowe Price had more than $810 billion in assets under management and served clients in 45 countries.
T. Rowe Price fell $2.58, or 3.6 percent, to $69.36 on Friday.
The company’s annual meeting will be held April 26 at 10 a.m. at the company’s offices in Owings Mill, Maryland.
This is a story from the Maryland Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism