Merrill Lynch hands out shares to execs

Merrill Lynch & Co. passed along $11.4 million in pay packages to several of its executives under a performance-based plan.
The New York-based financial services company gave chairman and chief executive Stanley E. O’Neal and executive vice presidents Ahmass L. Fakahany, Gregory J. Fleming and Dow Kim 121,363 restricted shares apiece under a performance-based plan, according to a filing with the securities and exchange Commission on Feb. 2.
The $11.4 million amount is based on a closing share price of $93.56 on Jan 31, the date the company granted the restricted shares.
In a separate filing, Merrill granted executive vice president Robert J. McCann and general counsel Rosemary T. Berkery 121,363 shares each, while chief financial officer Jeffrey N. Edwards received 84,663 restricted shares.
Mr. Edwards’ reward is valued at $7.9 million.
The awards were tied to Merrill’s 21.6% return on equity, surpassing the 16% return recorded in 2005.