Marketplace Today Blog

By Paul Gores
Milwaukee Journal Sentinel

In his final year as chief executive of Associated Banc-Corp, Paul S. Beideman received $1,453,457 in total compensation, the company said Tuesday.

Although the compensation table in a proxy statement filed by the Green Bay-based parent company of Associated Bank states Beideman received a total of $2,416,079, he forfeited some grants of stock for the year when he chose to retire, the company said Tuesday.

The $1,453,457 Beideman received included a salary of $900,000, stock awards of $264,077, option awards of $179,720, gains of $83,561 in retirement compensation and $26,099 in other compensation. Altogether, it amounted to about 48 percent less than the $2,776,841 total compensation he received in 2008.

Beideman retired after six years at the helm of Associated, which posted a loss of $161.2 million and a 48 percent drop in stock price in 2009.

Beideman was succeeded as CEO on Dec. 1 by California bank executive Philip B. Flynn, who received $298,546 in his first month the on the job. Under Flynn’s employment agreement, he will be paid a base salary of $1,200,000, a stock salary of $2,256,000 and restricted shares worth $1,200,000.

Lisa B. Binder, who resigned abruptly as president and chief operating officer on May 15, received total compensation of $1,459,922 last year, the company said. That included option awards of $107,832 and other compensation — mostly payments from her separation agreement — of $1,109,782. The proxy statement’s compensation table counts $466,020 in stock grants for Binder in her total pay, but the company said she forfeited those shares when she resigned.

Associated is the second-largest bank based in Wisconsin, trailing only Milwaukee’s M&I Bank.