The bailed out lender's new CEO, David Moffett, is to receive base pay that is 25% lower than his predecessor.
Freddie Mac, the mortgage finance company, says its new chief executive will earn a base salary of $900,000 a year, 25% less than his predecessor, Richard Syron, who also received important bonuses and stock options.
The company, seized along with sister lender Fannie May by the government on September 8th, declared in a regulatory form that new CEO David Moffett will earn the salary while his final compensation package is to be later determined by the Federal Housing Finance Agency, both controlling Freddie Mac and Fannie Mae.
David Moffett, ex US Bancorp vice chairman, took duty in Freddie Mac earlier this month after his predecessor Richard Syron was ousted as part of the government's emergency takeover.
As read in a previous CEO-Watch article, Richard Syron received a jolly $19.8 million in compensation from his former company Freddie Mac, including a $1.2 million salary, a $3.5 million bonus and $771,585 in diverse compensations. Beside this, he also was given stock and options valued by the company at $14.3 million at the time they were awarded.