CEO Ken Lewis to Receive No Salary for 2009
source: http://www.reuters.com/article/ousivMolt/idUSTRE59E6GI20091015
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CHARLOTTE (Reuters) - Bank of America Corp Chief Executive Kenneth Lewis will receive no pay or benefits for his last year of work at the company.
Lewis, CEO of Bank of America for nearly a decade, was scheduled to receive $1.5 million in base pay this year, and no planned bonuses or other payments, said company spokesman Bob Stickler on Thursday.
The pay cut comes a day before the bank is to announce its third-quarter earnings. Once heralded as a hero of the financial crisis, Lewis is now besieged by legal probes into the purchase of Merrill Lynch & Co. late last year from the New York State attorney general and the U.S. Securities and Exchange Commission.
The compensation change came as the result of a request from the U.S. government's pay chief Ken Feinberg, Stickler said.
Lewis acceded to the request because he felt "it was not in the best interest of Bank of America for him to get involved in a dispute with the paymaster," Stickler said.
Feinberg did not respond to a request for comment.
Lewis received $9.9 million in total compensation in 2008 as a mix of salary and bonuses, according to the company's proxy statement. The bank reported a $4 billion profit in 2008.
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Source: Reuters
Lewis, CEO of Bank of America for nearly a decade, was scheduled to receive $1.5 million in base pay this year, and no planned bonuses or other payments, said company spokesman Bob Stickler on Thursday.
The pay cut comes a day before the bank is to announce its third-quarter earnings. Once heralded as a hero of the financial crisis, Lewis is now besieged by legal probes into the purchase of Merrill Lynch & Co. late last year from the New York State attorney general and the U.S. Securities and Exchange Commission.
The compensation change came as the result of a request from the U.S. government's pay chief Ken Feinberg, Stickler said.
Lewis acceded to the request because he felt "it was not in the best interest of Bank of America for him to get involved in a dispute with the paymaster," Stickler said.
Feinberg did not respond to a request for comment.
Lewis received $9.9 million in total compensation in 2008 as a mix of salary and bonuses, according to the company's proxy statement. The bank reported a $4 billion profit in 2008.
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Source: Reuters
