Capital One CEO Richard Fairbank is set to receive a one-time compensation package valued at approximately $30 million as part of the bank’s acquisition of Discover, according to a filing with the Securities and Exchange Commission on Thursday.
The bank’s compensation committee awarded Fairbank 153,351 restricted stock units, which will vest in five years. Upon vesting, the payout will be split evenly between cash and stock, determined by Capital One’s average stock price over the 15 days prior to vesting.
Fairbank isn’t the only executive receiving a bonus related to the Discover deal. Four other Capital One leaders were granted smaller awards in recognition of their roles in the integration process. Matt Cooper, the bank’s general counsel and president of the Discover integration team per LinkedIn, will receive an estimated $5.5 million through 28,115 restricted stock units.
CFO Andrew Young was awarded around $3 million via 15,336 restricted stock units, while Sanjiv Yajnik, president of financial services, and Frank LaPrade, chief enterprise services officer and Fairbank’s chief of staff, are each slated to receive about $2.5 million from 12,780 restricted stock units. These four executives’ awards are set to vest in three years.
Fairbank’s $30 million bonus is nearly equal to his total compensation in 2024, which amounted to just over $33.5 million, per Capital One’s March proxy filing. His compensation that year included no base salary, but consisted of a $5.5 million deferred cash bonus, about $20.5 million in performance-based shares, and over $5 million in cash-settled restricted stock units.
This puts Fairbank among the top earners in the banking sector. His 2024 compensation is comparable to that of other major U.S. bank CEOs—Morgan Stanley’s Ted Pick earned $34 million, Citi’s Jane Fraser $34.5 million, and Bank of America’s Brian Moynihan $35 million. Fairbank surpassed Wells Fargo CEO Charlie Scharf, who earned $31.2 million that year.
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