First Data will pay its new chief executive officer a base salary of $1.5 million and has guaranteed him incentive payments that will bring his total 2013 pay to a minimum of $4.75 million, including pay he has received from his previous employer, JPMorgan Chase.
Frank Bisignano, 53, took over First Data on Monday. He has signed a five-year contract with automatic one-year extensions.
His predecessor, Jon Judge, also earned a base salary of $1.5 million. He retired in January for health reasons and is being paid a total of $7.5 million over the 24 months following his retirement.
Bisignano's contract says he will be paid at least $9.5 million in severance if his employment is terminated for any of a number of reasons.
Bisignano will buy 857,143 shares of common stock for $3 million, will be granted nearly 4.3 million additional shares, and will have the option to purchase more than 26 million additional shares plus more than 1.4 million restricted stock units.
Bisignano will have five weeks of paid vacation, financial planning services, the use of a private airplane for company business, the use of a company plane for personal travel with his wife and the use of a car and driver. His benefits will include a 401(k), medical and dental insurance, and disability and life insurance.
First Data will pay the cost for Bisignano and his family to travel between their New York City home and the company's Atlanta headquarters, and for the cost of relocating to Atlanta. The payments processing company was founded in Omaha in 1971 and employs about 5,000 people here today.
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