BofA CEO to Receive No 2009 Salary
October 15, 2009 by Mark Ellis
Filed under Business
Bank of America’s outgoing chief executive Ken Lewis, whose resignation from the post came as a complete surprise to Bank of America’s board of directors, will essentially earn no money for his work in 2009 due to the mandate of Kenneth R. Feinberg, the Obama administration’s special master on compensation. Lewis will instead return about $1 million to the bank.
Feinberg, who has the authority to set executive compensation levels of seven major corporations that received federal bailout money, suggested that Lewis should receive no wages or special compensation for 2009. Lewis agreed with Feinberg’s suggestions and stated that he does not …read more
