BlackRock Cuts Larry Fink's Pay 30%

BlackRock Inc. reduced Chief Executive Officer Larry Fink’s total compensation to $25.2 million for 2022, a 30% decline from the previous year, according to a regulatory filing.

Fink, 70, received a $1.5 million base salary, $7.25 million in cash incentives, $12.7 million in long-term incentive awards and deferred equity of $3.75 million, the New York-based money manager said Friday in its annual proxy filing.

“With respect to 2022 compensation, management determined to reduce the impact of the firm’s decline in profitability on BlackRock’s broader employee population by concentrating the downward adjustments to total incentive awards toward senior management,” the company said in the filing.

The U.S. market rout and recession fears amid rising interest rates last year took a toll on the world’s largest asset manager.

BlackRock’s total assets under management declined 14% to $8.6 trillion on Dec. 31 from a record high above $10 trillion a year earlier.

Still, BlackRock continued to attract new money during 2022, with net inflows into all products totaling more than $300 billion.

In the first quarter of this year, clients added a net $110 billion to BlackRock products, including to its bond ETFs and cash-management strategies, the firm reported on Friday.