Stifel increased compensation for several top executives as pay for its chairman and CEO, Ron Kruszewski, increased 23% in 2012.

According to disclosure documents filed with the Securities and Exchange Commission, the firm raised Kruszewski’s total compensation from $5.7 million in 2011 to nearly $7 million in 2012. Stifel also increased pay for other top executives last year in the form of increased annual compensation incentives, which are awarded at the end of each year for strong performance.

“We believe in pay-for-performance,” according to the firm. “Total compensation for fiscal year 2012 increased as compared to 2011 consistent with improved performance in 2012.”

Last year, Stifel's evenue jumped 14% to $1.65 billion and net income leapt up 65% from $84.1 million in 2011 to $139 million in 2012. The firm, which has made 11 acquisitions since 2005, bought financial services firm Keefe, Bruyette & Woods and purchased a stake in Knight Capital Group in 2012.

Kruszewski, who has had a base salary of $200,000 since 1997, was awarded $4 million in annual incentive compensation last year as well as other stock and bonus awards.

“The increase in Mr. Kruszewski’s compensation from the prior year is primarily attributable to the improved performance of our Company from 2011,” the firm said in the filing.

Annual incentive compensation jumped up for chief financial officer, James M. Zemlyak; executive vice president, Thomas P. Mulroy; executive vice president Victor Nesi and co-chairman Thomas W. Weisel as well.

Zemlyak who took in a total of $3.2 million last year received a higher annual incentive of $2.2 million, $1.5 million in cash and $700,000 in stock units, according to the firm. Much of that was due to increased performance in the wealth management business, the firm said.

“The increase in Mr. Zemlyak’s compensation from the prior year is primarily attributable to the growth of our Global Wealth Management segment and the improved performance of the Company from 2011,” Stifel reported.

Revenue in the segment rose 9.6% last year and net income ticked up 14% to $268 million.