NEW YORK (CNNMoney.com) - The CEO of credit card company Capital One gained $249.3 million by exercising stock options in 2005, according to a news report.

Richard D. Fairbank last year exercised options to buy about 3.6 million shares, said the Wall Street Journal.

Most of the value he gained last year came from grants that were issued in 1995, according to the paper.

Capital One said Thursday that Fairbank would receive stock options valued at $18 million for 2006, but no salary, according to Reuters.

Capital One is poised to take over North Fork Bancorp. (Research) in coming months.

Shares of Capital One (up $0.08 to $82.00, Research) were relatively unchanged on the New York Stock Exchange Friday.

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