Bank of America CEO gives up '09 pay - Truckers' Trucking Forum

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Bank of America CEO gives up '09 pay

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10.16.2009

Baack

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Bank of America CEO gives up '09 pay

Quote:

All of it, and his bonus, too, at the request of the government. But Ken Lewis will keep a big retirement package.

Updated: 4:50 p.m. ET.

Poor Ken Lewis. Or at least poorer Ken Lewis.

The Bank of America (BAC) boss, who's quitting at the end of the year, agreed to take no salary and no bonus for 2009, the bank said today.

A Bank of America spokesman said Lewis voluntarily agreed to the deal, which was finalized Thursday. Lewis' base pay was $1.5 million, and he will even have to pay back $1 million he'd already received.

Kenneth Feinberg, the government pay czar, suggested that Lewis should take no compensation for 2009.

Lewis agreed, the spokesman said, 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."

http://articles.moneycentral.msn.com...1588&gt1=33002

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