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:
- Credit Card Solicitations Are on the Rise The increased number of credit card solicitations can only mean banks are getting healthy again....
- Bank of America Receives More Government Aid Bank of America is receiving an additional $20 million as a bailout from taxpayers....
- Bank of America Introduces Its Credit Card Clarity Commitment Program Bank of America is attempting to be a little more user-friendly for their account holders....
- Credit Card Accountability, Responsibility and Disclosure Act of 2009 A look at the credit card accountability act and what it will mean for you....
