Hudson City Bancorp's CEO Receives $7.9M In Comp

By STEPHEN BERNARD

NEW YORK (AP) — Ronald Hermance, chairman, president and chief executive of Hudson City Bancorp Inc., received compensation in 2008 that the company valued as a 10 percent higher than in the previous year, according to an analysis of a regulatory filing.

Hermance received a compensation package valued at $7.9 million in 2008, compared with $7.2 million in 2007, according to a filing with the Securities and Exchange Commission. Despite the increase, Hermance's compensation is still short of the $9.2 million he received in 2006.

Hermance's base salary increased 12 percent in 2008 to $1.4 million, from about $1.2 million a year earlier. He received a 13 percent boost in his performance-based bonus, which totaled $2.3 million.

Other compensation, which included contributions to retirement accounts, charitable donations and other perks, totaled $664,588 in 2008. Hermance received $623,768 in those types of perks in 2007.

The remainder of Hermance's compensation package was a stock option award that was valued at $3.6 million at the time it was made. The value of Hudson City Bancorp stock has fallen since then, meaning the options might have little current value.