Industry News

Indymac keeps CEO with promise of up to $8.94M in pay

Michael Perry has led ninth-largest mortgage lender since 1993

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Indymac CEO Michael Perry could take home up to $8.94 million in salary and incentives next year under a new five-year, performance-based contract. Indymac director John Seymour, who is the chairman of the board's compensation committee, said Perry has done a "remarkable job" leading the company for 14 years and is "absolutely the right CEO" to lead the company into the future. "When Mike joined the company in 1993, we had only four employees and almost no business, and we were marginally profitable," Seymour said in a statement released today. Now, Seymour said, Indymac has more than 8,000 employees, and is the eighth-largest thrift and ninth-largest mortgage lender in the nation, exceeding $360 million in net income last year. Under his new five-year contract, Perry could make considerably less that the $8.94 million cap. If earnings per share are up by less than 5 percent next year, Perry will make no more than $1.25 million in total compensation. If earnings per share are up 5 per...