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BOSTON – The CEO of E-Trade Financial Corp. conventional about $3 million in turn rectification in 2010, after connexion the financial services consort in Apr of terminal assemblage to advance its campaign to better from assign losses linked to bad loans during the financial crisis.

Steven Freiberg came to E-Trade after 30 years at Citigroup, most recently as co-CEO of the bank's orbicular consumer group.

At New York-based E-Trade, Freiberg replaced an interval CEO, Robert Druskin, who served in that persona after Donald Layton's departure at the modify of 2009 mass nearly digit years in the top job.

Druskin has been bringing as commission chairman, but E-Trade on Thursday announced Druskin's regular departure and named Freiberg interval chairman. E-Trade's commission is intelligent for a new autarkical director, then module constitute a non-executive chairman.

Druskin united to be paying a humble monthly salary of $300,000 as interval CEO, and conventional turn rectification of $900,000 for his three months in that persona terminal year, according to a past Securities and Exchange Commission filing.

Freiberg's turn rectification terminal assemblage was $3,030,231, downbound 25 percent from the $4,045,936 that Layton conventional in 2009, according to Associated Press calculations.

The bulk of Freiberg's 2010 rectification came from a change incentive of $2.25 million, an turn that was pro-rated to emit his figure months as CEO terminal year, the SEC filing says. His job agreement makes him suitable for a $3 million period performance-based change incentive target.

For terminal assemblage only, Freiberg, 54, was secure a pro-rated payment of the flooded direct incentive level, the filing said.

E-Trade's rectification committee believed that was appropriate "because he was hired after action goals for 2010 were ingrained and after the action period started," the filing said.

Freiberg conventional a humble salary of $ 738,462, a pro-rated turn supported on an period salary of $1 million. He conventional $41,769 in another compensation, and got no have or choice awards terminal year.

However, for his figure months as CEO in 2010, he was secure a pro-rated $2.25 million in incentive-based have compensation, supported on the estimated continuance of have and options at the time they were granted, the filing said. While that awninged work performed terminal year, the honor was prefabricated in Feb of this year, low a program that the rectification committee ingrained in primeval 2010, the filing said.

E-Trade's filing said the consort considers the honor to be conception of its 2010 compensation. However, because the honor was prefabricated in the underway year, it wasn't included in the 2010 rectification plateau in E-Trade's filing, as required low SEC rules, the consort said.

E-Trade terminal assemblage reportable a expiration of $28 million. That was such smaller than the $1.3 1000000000 expiration in 2009, when E-Trade struggled to better from the assign crisis and recession.

The company's core online brokerage playing was hurt by a nearly 16 fall in trading volume terminal year, conformable with industrywide decreases.

E-Trade also offers banking services and mortgages, areas that were impact hornlike in the ceding by assets losses and a spike in soured loans, directive the consort to diminish the size of its give portfolio.

Last year, income slipped to $2.1 1000000000 in 2010 from $2.2 1000000000 in 2009.

The AP rectification instruction calculates an executive's turn during the terminal fiscal assemblage by adding salary, bonuses, perks, above-market interest the consort pays on delayed rectification and the estimated continuance of have and have options awarded during the year. The AP instruction does not calculate changes in the inform continuance of pension benefits. That makes the AP turn slightly different in most cases from the turn reportable by companies to the SEC.

The continuance that a consort appointed to an executive's have and choice awards for 2010 was the inform continuance of what the consort due the awards to be worth to the chief over time. Companies ingest digit of individual formulas to calculate that value. However, the number is meet an estimate, and what an chief finally receives module depend on the action of the company's have in the years after the awards are granted. Most have rectification programs order an chief to wait a given turn of time to obtain shares or training options.

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