|By Human, Dan|
The massive payouts come with caveats: The executives won't be able to pocket most of the compensation for at least five years, and the payouts almost entirely depend on the firm's performance on
The payments – which made CEO
The vast majority of Levine's pay –
Anderson, executive vice president of capital markets, also had a stock-based payout, which represented
The board of directors wanted to give a significant ownership stake to the two executives to "retain their expertise" and "align their long-term financial interests with those of the Company and its shareholders," the firm stated in its proxy statement filed
Contracts bar the men from selling any of their shares for five years, even though the stock vested immediately, said
The stock awards were valued using the
Levine, who is also a board member, owned about 2.6 percent of the company and Anderson held just over 1 percent at the time of the annual proxy filing.
Both paid taxes up front on the full stock value, Streem noted.
Levine, 52, has been at
Anderson, 55, also arrived at
The company laid off hundreds of employees and made other cost cuts in recent years as management restructured the business to eliminate mortgage lending.
Performance has rebounded since the Fortress buyout and Levine and Anderson's arrivals.
Services: Consumer finance and insurance
Employees: About 5,000
Main subsidiary: Springleaf Financial
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