AP News

Discover CEO Nelms gets $9.91 million in 2012 pay


NEW YORK (AP) — Discover Financial Services Co. says its Chairman and CEO David Nelms received compensation valued at $9.92 million in the credit card company's 2012 fiscal year. That is a 28 percent drop from the prior year, and reflects lower stock awards.

Riverwoods, Ill.-based Discover says in a regulatory filing that Nelms' base salary was unchanged at $1 million. He also received $5.78 million in stock awards, down from stock awards worth $9.6 million in the previous year.

Nelms' non-equity incentive compensation slipped to $3.12 million, from $3.2 million the previous year, according to a filing with the Securities and Exchange Commission.

Nelms, 52, has been CEO since 2004 and chairman since 2009.

For the year ended Nov. 30, 2012, Discover earned $2.34 billion on revenue of $7.65 billion.

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