By Rod Morrison
May 14 (PFI) - The former head of investment banking for EMEA at Credit Suisse will receive a stock bonus worth about US$45 million in today's terms from his new employer over the next seven years, according to a regulatory filing.
Jamie Welch left Credit Suisse in early May to become chief financial officer and head of business development at Energy Transfer Equity
Welch's annual salary at ETE will be US$550,000 with a guaranteed 100 percent bonus. He will receive 750,000 shares, currently priced at US$60 each, over the next seven years if he stays with the company.
Welch started as a project finance lawyer at Minter Ellison in Melbourne and moved to Milbank Tweed in New York in the mid 1990. He later joined Lehman Brothers and then the project finance team at CSFB in 1997.
He was named head of energy and moved to London last year.
Credit Suisse named Marisa Drew and Ewen Stephenson as co-heads of investment banking EMEA to replace Welch.
(Rod Morrison is editor of Project Finance International, a Thomson Reuters publication; Editing by Ciara Linnane)