In a proxy filing Bank of America Corp. (NYSE:BAC) revealed Chief Executive Officer Brian T. Moynihan had his compensation cut to $1.94 million in 2010, down by 70 percent from the prior year.
Moynihan enjoyed a raise in salary from $800,000 to $950,000, but had his stock awards lowered from $5.2 million to zero.
Even so, the Bank said Moynihan earned about 410 million in 2010, as the final figures didn't take into account the $9.05 million in restricted stock which was linked to performance, and which will be paid out n 2014, assuming the company meets goals related to return on assets, said the giant bank.
Moynihan took over the reins of the company in January 2010.
Bank of America closed Wednesday at $13.45, gaining $0.10, or 0.75 percent.
Thursday, March 31, 2011
Bank of America (BAC)'s CEO Compensation Cut to $1.94 Million
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6 comments:
Boy - He will need Food Stamp!!!!
KA
410 million in 2010..could that possible be correct?
the guy makes $410 million in a year and yet their stock keeps going down...maybe they should change their monetary focus
Not that I am overly invested in the company or anything like that but it would be nice for a companies to focus more on putting their money into making the business better rather than paying their management impossibly large sums of money. I mean really, the president barely makes one percent of what this guy makes to put it in perspective.
The CEO won't have secret service for the rest of his life. Or be called Mr. President
You're all idiots. It's a typo. The "4" is supposed to be the "$" sign. It's $10 MM when you add the $9.05MM to his salary of $950,000.
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