Leading Black executive Rene F. Jones, the chairman and CEO of M&T Bank, a leading community-focused banking franchise in the United States, received a significant compensation package of $9.4 million in 2022, further cementing his position among one of the world’s leading CEOs.
Jones, who assumed his role as CEO of M&T Bank in December 2017, received a compensation package which included a base salary of $1 million. He also received a performance-based short-term incentive of $2.4 million, contingent on the company’s financial performance during the fiscal year. Furthermore, Jones received a long-term incentive award of $6 million.
Jones stepped into the CEO in December 2017 role after a notable stint as chief financial oifficer from 2005 to 2016, where he skillfully handled the lender’s financial affairs. In 2005, Jones earned a spot in M&T’s Management Group, a league of top executives steering the company’s strategic course. Since then, he’s played a pivotal role in propelling the company forward, making strategic moves that fueled growth and success.
Guided by Jones, M&T Bank has grown its assets to a staggering $200 billion, boasting an extensive network of over 1,000 branches as a diversified, community-focused banking franchise. He also played a crucial role in steering the company’s financial management, contributing significantly to M&T Bank’s extraordinary revenue growth.
Under his exceptional leadership, the leading financial services group has seen its interest income surge from $3.94 billion in 2021 to $6.25 billion in 2022, while its non-interest income increased marginally from $2.16 billion to $2.35 billion during the same time frame.
As a result of the surge in the group’s interest and non-interest income, its profit in 2022 increased from $1.86 billion to $1.99 billion, further cementing its position as one of the country’s top-performing financial services providers under the leadership of Jones.