Bummer..
NEW YORK — Capping a year in which he faced shareholder fury, regulatory scrutiny and was stripped of his chairman post, outgoing Bank of America Corp. CEO Ken Lewis will get no salary or bonus for 2009 under an agreement with the government's pay czar.
Kenneth Feinberg, the U.S. Treasury Department's special master for compensation who is scrutinizing pay packages at bailed-out banks, suggested that Lewis should get no pay for the year. Lewis agreed, Bank of America spokesman Robert Stickler said Thursday.
In fact, Lewis will pay back about $1 million he has received so far out of a $1.5 million annual salary.
"He will write a check to the company," Stickler said, adding that Lewis agreed to the proposal because he felt it was not in the bank's best interest "to get into a dispute with the paymaster."
The clawback provision doesn't apply to Lewis' previously negotiated retirement package, estimated to be worth tens of millions of dollars.Read on.
No comments:
Post a Comment