B of A CEO Kenneth Lewis to Forgo Pay in 2009
In our last post we discussed how Bank of America took a huge hit over the past quarter because of record defaults on Bank of America credit cards.
We can now confirm that the beleaguered and outgoing CEO, Ken Lewis, will receive no salary or bonuses for the year 2009.
Under an agreement with government pay czar Kenneth Feinberg, Lewis agreed that he will be receiving no compensation.
Not only will Lewis not be getting paid for 2009, but he will also be paying back approximately $1 million he’s already received so far this year.
His salary for 2009 was previously set at $1.5 million.
Related Information:
- Why People Who Pay on Time Pay for Credit Card Defaults It isn't fair but the folks that pay their credit card bills on time also end up paying for the ones that do not....
- Credit Card Solicitations Are on the Rise The increased number of credit card solicitations can only mean banks are getting healthy again....
- Credit Card Accountability, Responsibility and Disclosure Act of 2009 A look at the credit card accountability act and what it will mean for you....
- Bankruptcies Surge Past the 1 Million Mark The economy continues to struggle as bankruptcies now surpass the 1 million mark....