Crisis halves compensation of Erste CEO

Andreas Treichl, the CEO of Erste Group, which controls BCR, got 1.48 million euros in compensation from the bank he runs last year, down 55% compared with 2008.
The difference stems from the fact that the entire Erste management gave up its performance bonuses for 2008, even though figures looked good two years ago. The bonus policy was restricted by the agreement signed with the Austrian government for a 1.8 billion-euro capital inflow in the autumn of 2008.
In 2010, Treichl is entitled to a bonus of no more than 200% of his gross annual salary only if the bank makes at least 1.15 billion euros in net profit, considering the 2009 income stood at merely 903 million euros.
Erste’s CEO also gave up the pay he was supposed to get as chairman of BCR’s Supervisory Board.
Treichl’s actual salary last year was slightly above one million euros, compared with 1.2 million euros in 2008, and he got additional compensation put at 448,000 euros.
The acquisition of BCR in 2007 got Treichl a record bonus of more than 2.8 million euros, so that his total compensation reached 4.42 million euros.