Bridgeport-based People’s United Bank President and CEO Philip R. Sherringham received $5.6 million in total compensation in 2008, more than double his 2007 earnings, according to documents filed with the Securities and Exchange Commission.
Sherringham was named CEO in February 2008, one month after his predecessor John Klein died from cancer. Sherringham had been the bank’s chief financial officer since April 2003.
Sherringham’s compensation included a base salary of $793,769 and $2.2 million in stock awards. He also received $1.4 million in “incentive plan compensation,” SEC documents show.
Klein earned $10.2 million in total compensation for 2008, including $6.8 in stock awards.
In 2008 People’s reported a net income of $139.5 million, down from the $150.7 million it earned in 2007. It also expanded its depositor base and grew its assets under management to $ 20.2 billion, ranking it the 27th largest bank in the country.
