Outgoing Bank of America CEO, Ken Lewis, won't be receiving any more pay or bonuses in 2009. In fact, he has to repay Bank of America Corporation the more than $1 million he has already earned in his final year on the job. Lewis, 62, decided in late September to retire from his $1.5 a year job with Bank of America.
Kenneth Feinberg, the U.S. Treasury Department's special master for compensation, suggested that Lewis should get no pay for the year. Bank of America's Lewis agreed.
According to Bank of America Spokesman Robert Stickler, "He will write a check to the company." The $1 million that Lewis is to return to the Bank of America doesn't apply to Lewis' previously negotiated retirement package, estimated to be worth tens of millions of dollars.
Known as "the deal maker", Lewis struck a deal to purchase Merrill Lynch last fall, a move that pushed Bank of America toward a second bailout from the government in January. Bank of America, which has received $45 billion in taxpayer bailout money.
Lewis was named Banker of the Year in 2001. In 2007, Lewis was listed among the 100 Most Influential People in the world by Time Magazine. He was again named Banker of the Year in 2008.
Writing a check to Bank of America for $1 million may seem like a great gesture on Lewis' part, but he still has $53 million in pension benefits waiting for him. Outgoing chief, Ken Lewis, will also have other stock awards and deferred compensation for a total $69 million payout.
Written by Cheryl Phillips
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