Monday, May 11, 2009

Bank of America Should Fire CEO Ken Lewis

Kenneth D. Lewis was named "Banker of the Year" in 2001 and in 2008. In 2007, he was listed as one of the 100 Most Influential People in the world by Time Magazine.

While CEO of Bank of America in 2007, Mr. Lewis earned a total compensation of $20,404,009, including a base salary of $1,500,000 and a cash bonus of $4,250,000.

In 2008, he earned a total compensation of $9,003,467, which included a base salary of $1,500,000, plus stocks and options totaling $7,228,342.

On April 29, 2009, the shareholders of Bank of America narrowly voted to remove Mr. Lewis from his position as Chairman of the Board, though they voted in favor of retaining him as president and CEO.

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