Kenneth Lewis, who recently resigned as CEO of Bank of America, will receive $68.8 million upon his departure at the end of December, reports the Los Angeles Times. Lewis accumulated that amount in his 40 years of work at Bank of America and predecessor companies. His lump-sum pension benefit was valued at $53.2 million in the bank’s last public report on his holdings. The proxy filling also noted that Lewis had $10.6 million in deferred compensation owed to him and will keep 305,000 shares of restricted stock that will vest over the next few years, which today is worth about $5 million. Because the awards were made before the financial crisis, the package is not likely to come under scrutiny by Kenneth Feinberg, the Obama administration’s master of compensation.
BofA’s Lewis Expected to Part With $68.8M
Bank of America will pay Kenneth Lewis $68.8 million upon his departure.
October 5, 2009