Bank of America (BAC) CEO Ken Lewis will receive no salary or bonus for 2009, but will likely retain his multi-million dollar retirement package.
WSJ: Kenneth Lewis, outgoing chief executive of Bank of America Corp., will get no salary or bonus for 2009, according to people familiar with the matter, the biggest Wall Street name thus far to come under the thumb of the government’s pay czar.
In fact, Mr. Lewis will have to repay the North Carolina-based bank more than $1 million in salary he has already earned.
The move was demanded by Kenneth Feinberg, the Treasury pay czar, and was agreed to by Lewis and the bank, according to WSJ.
Lewis’ base salary for 2009 is $1.5 million, and his retirement package has been valued as high as $125 million (WSJ sources say it’s between $69.3 million and $120 million).