Dime Community Bancorp shareholders delivered a sharp rebuke to Chief Executive Kevin O’Connor by voting against his pay.
At the bank’s annual meeting last week, 53% of investors voted against the Dime CEO’s pay package, which included more than $3 million in merger-related bonus. Investors objected because O’Connor’s merger-related awards exceeded the total compensation granted to most CEOs of other small banks.
“Shareholders generally expect one-time awards of such magnitude to carry some degree of performance criteria that aligns with the company’s post-merger strategy,” said Institutional Shareholder Services, an advisory firm that recommended voting against the package.
O’Connor appears to be one of only two bank CEOs whose
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