Bank of America’s CEO, Ken Lewis’ $53 million exit
Posted on October 2nd, 2009
As of Wednesday night, Bank of America’s CEO (Ken Lewis) has been let go. Most speculate the cause of his exit is largely due to the mishandling of the Merril Lynch acquisition as well as his inability to navigate government relations. What is most fascinating about his exit, however, is the whopping sum of money which will leave in his pocket along with him. A reported $53 million in pension and retirement related funds will be his as his going-away gift.
Reuters puts this sum at something closer to $125 million when you factor in stock options and other compensation. This outrageous sum comes less than 1 year after the “golden parachute” rule was set up to mitigate these types of unwarranted payouts.
To Lewis’ defense apparently he had been participating in this pension plan for a little over a decade and had racked up over $50 million through it (long before the new government regulations were set in place).
This Reuters article claims Lewis’ may be facing a “reckoning with the U.S. government’s pay czar [Kenneth Feinberg].”
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