Ken Lewis Will Be Rich in Retirement
October 4, 2009 by Stephen Kersey
Filed under Finance
Ken Lewis, the CEO of Bank of America who said that he’ll be stepping down at the end of the year, won’t have to worry about money in retirement. According to numerous reports, Lewis will collect pension benefits worth more than $50 million. In fact, some reports indicate Lewis has more than $60 million coming his way.
The 62-year-old become Bank of America’s CEO, President and Chairman of the Board in 2001. During his time at the top of Bank of America, Lewis won many awards for his performance. However, after a controversial takeover of Merrill Lynch, Lewis took a lot of heat.
Why did he decide to retire?
Said Lewis: “The Merrill Lynch and Countrywide integrations are on track and returning value already. Our board of directors and our senior management include more talent, and more diversity of talent, than at any time in this company’s history. We are in position to begin to repay the federal government’s TARP investments. For these reasons, I decided now is the time to begin to transition to the next generation of leadership at Bank of America.”
While many Americans will struggle financially in retirement, Lewis won’t be one of them.
Ken Lewis - Bank of America (Image: Zuma Press)
