T. Rowe execs get rich pay packages

T. Rowe Price Group Inc.’s former chief executive George A. Roche received $5.1 million in compensation last year,…

T. Rowe Price Group Inc.’s former chief executive George A. Roche received $5.1 million in compensation last year, while current chief executive James A.C. Kennedy took in $5.7 million, according to a filing with the Securities and Exchange Commission Friday.
Mr. Roche, who retired Dec. 31 from the Baltimore-based asset management firm, received $350,000 in salary, $4.3 million in cash as part of an incentive plan and $453,443 from “other compensation,” which includes contributions to the company’s retirement program, matching contributions into a stock purchase plan and a retirement gift.
Mr. Kennedy, who previously was vice president and director of equities, received a $350,000 salary, stock option awards valued at $975,626, and $4.3 million in cash as part of the company’s non-equity compensation plan. He also received $57,151 in “other compensation,” related to his retirement package and the company’s stock purchase plan, and $15,706 in stock or stock option awards.

Consumers sing February blues
Consumer sentiment soured last month, as concerns about lower household incomes, the job market and a slowing economy took its toll.
The Reuters/University of Michigan Index of Consumer Sentiment fell 5.6 points to 91.3, from 96.9 in January.
The Index of Consumer Expectations, a component of the Index of Economic Indicators, fell to 81.5, from 87.6 in January, but was significantly higher than the 74.5 figure recorded in February 2006.
The Current Economic Conditions Index was 106.7, down from 111.3 in January, on less favorable buying conditions due to fewer available discounts.
The Dow Jones Industrial Average’s 416-point dive Tuesday had little effect on the sentiment index, because few interviews were conducted following the decline.
The surveys are conducted and produced by the University of Michigan in Ann Arbor.