Capital One CEO’s pay rises in 2013 as bonus grows 30%

Richard D. Fairbank, chief executive of Capital One, received a bonus valued at $5.68 million in 2013, a 30 percent increase from the year before, according to documents filed by the McLean-based banking giant Monday afternoon.

In all, Fairbank received $18.8 million in compensation in 2013, the company said, a 7.5 percent increase from the $17.5 million he was paid in 2012.

Fairbank was the third-highest-paid executive in the Washington area in 2012, according to a survey conducted for Capital Business by the research firm Equilar.

The bonus was comprised of $2.84 million in shares of Capital One stock and $2.84 million in deferred cash, the U.S. Securities and Exchange Commission filings show.

Capital One last year posted a 18.25 percent increase in profits, as earnings grew to $4.16 billion from $3.52 billion the year before. Shares of the company, meanwhile, rose 25.12 percent to $76.61 from $59.53 during 2013, lifted by large gains in the broader stock market.

For the current year, Capital One has approved a compensation package totaling $17.5 million for Fairbank, the company said in the filing.

Abha Bhattarai covers local retail, hospitality and banking for The Washington Post. She has previously written for The New York Times, The Wall Street Journal, Reuters and the St. Petersburg (Fla.) Times.
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