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Fidelity National CEO 2008 Compensation Rose 1 Pct

The Associated Press

CHARLOTTE, N.C. (AP) — Fidelity National Information Services Inc.'s president and chief executive, Lee A. Kennedy, received compensation valued at roughly $10.1 million in 2008, up 1 percent from the previous year, according to an analysis of figures disclosed Wednesday in a regulatory filing.

Kennedy's base salary was $1.03 million in 2008, up 7 percent from the $958,333 he received in 2007. He received a performance-related cash bonus of $2.3 million in 2008, compared with the $989,176 he received in 2007.

His 2008 compensation also included stock options and restricted stock valued at $6.7 million on the day they were awarded. That was 17 percent less than the amount Kennedy received in 2007.

Kennedy also received other compensation of $87,165 in 2008, including items such as club dues, personal aircraft use and company contributions to retirement accounts. That was up 69 percent from the previous year.

In 2007, Kennedy's total pay package was valued at $10.03 million.

The Associated Press formula is designed to isolate the value the company's board placed on the executives total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executives compensation in the previous fiscal year.

The higher compensation for Fidelity National's CEO came during a tumultuous year for the financial services sector. Last year, the industry was hammered by the ongoing credit crisis and growing recession.

Jacksonville, Fla.-based Fidelity National, which is unrelated to Boston-based Fidelity Investments, provides transaction processing, card issuer and outsourcing services for more than 14,000 financial institutions.

In February, the firm said its 2008 net income fell 62 percent to $214.8 million, or $1.11 per share. In 2007, Fidelity National earned $561.2 million, or $2.86 per share.

Shares of Fidelity National lost nearly 30 percent in 2008, to close the year at $16.27. Its stock has regained nearly 20 percent this year, and was recently up 22 cents at $19.68.