First Horizon CEOs Take Home $6.8M In 2008 Pay

By IEVA M. AUGSTUMS

CHARLOTTE, N.C. (AP) — Regional bank First Horizon National Corp. paid out more than $6.8 million in compensation to the two chief executives that oversaw the company in 2008.

Gerald L. Baker, who served as CEO until Sept. 1, took home more than $3 million in compensation in 2008, an almost 1.6 percent increase from the full-year's pay he received in 2007. His replacement, Bryan Jordan, took home more than $3.8 million in compensation for the four months he served as the Memphis, Tenn.-based company's CEO.

Baker, who transitioned from president and CEO to vice chairman of the board on Sept. 1 and then retired on Dec. 31, was awarded $817,654 in base salary. He also received stock and option awards valued at $2.1 million on the days they were granted.

Additionally, the Southern bank operator awarded Baker $54,805 in all other compensation, which included perquisites and other personal benefits, 401(k) plan matching contributions and life insurance premiums.

Jordan, who had been the company's chief financial officer before becoming CEO on Sept. 1, was awarded $703,769 in base salary. He received $3.1 million in stock options and restricted stock awards, and $30,832 in other compensation.