NEW YORK (AP) — Discover Financial Services Co. said Chairman and Chief Executive David Nelms received compensation valued at more than $13.8 million in fiscal 2011, a 62 percent jump from the prior year.
Nelms' pay package reflects a change in the way the credit card issuer compensated its top executives, including establishing short-term incentives in place of bonuses.
Riverwoods, Ill.-based Discover said in a regulatory filing Friday that Nelms' base salary returned to $1 million, where it was before a 2010 boost to $4.55 million. Nelms got no bonus, compared with a $1.7 million bonus in 2010.
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