State Street's retiring chief gets $6m 'award'

NEW YORK: State Street Corp said on Tuesday it has granted retiring Chief Executive Ronald Logue a $6 million cash "transition award".

The amount will vest on Jan 2, 2011 provided that Logue remains chief executive through March 1, 2010 and non-executive chairman through Jan 1, 2011, the retirement dates that Boston-based State Street had previously announced.

In a regulatory filing, State Street said that a board compensation committee approved the award to recognize Logue's "ongoing contributions in leading State Street" and his staying on as chief executive and non-executive chairman.