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Wednesday, December 24, 2003

Franklin Executive Resigns

by: Nicole Halsey

A senior vice president Franklin Resources Inc. has resigned for undisclosed reasons, according to various news reports.

In an SEC filing Wednesday, Franklin Resources, which operates as Franklin Templeton Investments, didn't disclose whether someone had replaced William J. Lippman, who resigned in September. Lippman will continue to serve as an officer of some subsidiaries.

Franklin Templeton has been under scrutiny by regulators for irregular mutual fund trading at the firm. its employees.

The filing also highlighted the compensation of some ofits senior executives. The firm disclosed that its chairman and chief executive Charles B. Johnson earned a $2 million bonus last year, bringing his 2003 compensation to $2,677,109. His base salary was $594,330 including $75,222 worth of personal use of the company's aircraft. However, he didn't receive bonuses in the two previous years.

Martin L. Flanagan and Gregory E. Johnson--slated to be the company's co-CEOs (Johnson will remain chairman) as of January 1 made about $2.18 million in bonuses and other performance-based awards in the year ended Sept. 30, the filing added.

Lippman would have been one of the Franklin Resources' four highest paid executives. In 2003, he earned a base salary of $481,668 and a $520,000 bonus.

Franklin also gave him 6,175 shares of restricted stock, which the company valued at $302,452. He already owned 13,421 shares of restricted stock, valued at $593,342.  

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