An investigation for NASDAQ:FMER investors over potential breaches of fiduciary duties by certain directors of Firstmerit Corp was announced and current long-term NASDAQ:FMER stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/15/2012 -- Certain officers and directors of Firstmerit Corp are currently under investigation concerning whether they breached their fiduciary duties by paying certain top officials at Firstmerit Corp excessive compensation.
Investors who are current long-term stockholders NASDAQ:FMER shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether certain directors and officers of Firstmerit Corp harmed the company by agreeing to pay certain of Firstmerit’ senior officers and executives excessive compensation in past years.
The total compensation of certain top executives at Firstmerit Corp. rose significantly. Its Chairman, President, and CEO’s pay rose from over $5.51million in 2010 to over $6.36million in 2011, its CFO’s compensation rose from over $1.34million in 2009 to over $1.7million in 2011, the Exec. VP – Commcerial Banking -’s compensation rose from over $600,000 in 2009 to over $1.03million in 2011 and the Chief Information Officer’s pay rose from over $700,000 in 2009 to over $1.16million in 2011.
However shares of Firstmerit Corp (NASDAQ:FMER) fell from over $24.40 per share on April 23, 2010 to as low as $1031 on Sept. 22, 2011. Additionally, Firstmerit’s Net Income in 2011 was only slightly higher than its Net Income in 2008.
Despite that the compensation of certain top executives was significantly higher in 2011 than in 2008. For instance, the CEO received total compensation of over $4.62million in 2008 and over $6.36million in 2011, and the CFO received total compensation in 2008 of over $1.19million and in 2011 over $1.7million.
At its annual meeting of shareholders on April 18, 2012 shareholders of FirstMerit Corp. rejected the executive-pay plan.
NASDAQ:FMER shares closed on May 14, 2012 at $16.74 per share.
Those who are current long-term stockholders NASDAQ:FMER shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego