Foley joined Wilmington Trust's board in 2006, serving on the compensation and audit committees. A former treasurer at ITT Corp., he stepped in as CEO in June after the departure of previous chief, Ted Cecala.
Foley's initial pay package incorporated a $1.75 million signing bonus, including $450,000 in cash and the remainder in restricted stock; an annual salary of $1.2 million; and an incentive payment of $600,000 in restricted stock. Foley acknowledged the company's decision to rescind terms of the package, according to the December filing.
"In making these changes, the board wishes to express its recognition and appreciation of the fact that since he became CEO in June, Mr. Foley has worked tirelessly and effectively to address both the challenges and opportunities facing Wilmington Trust," the bank said in the e-mailed statement.