March 17--The No. 2 executive at Discover Financial outearned his boss last year.
President Roger Hochschild's total compensation nearly doubled in a year to $10.1 million, compared with the relatively flat $8.5 million pulled in by Chief Executive David Nelms.
Mark Graf, the chief financial officer of the Riverwoods-based financial services company, saw his compensation more than double to $7 million.
Discover's proxy statement, filed Thursday with the Securities and Exchange Commission, explains that Graf and Hochschild got "special awards" -- specifically restricted stock units valued at $4 million and $5.4 million, respectively -- as a way to "promote retention," among other things.
Each of the restricted stock units has different vesting periods and conditions.
Hochschild's 2015 accomplishments, according to the proxy, included leading Discover to receiving the highest customer satisfaction scores among U.S. credit card companies in an annual J.D. Power survey. In 2014, Discover tied for the top spot with American Express.
byerak@tribpub.com
