Bank of America CEO Brian Moynihan’s Compensation Quadrupled In 2011 (Huffington post)
March 28 (Reuters) – Bank of America Corp Chief Executive Officer Brian
Moynihan made $8.1 million in total compensation last year, up from $1.9
million in 2010, according to a filing with the U.S. Securities and Exchange
Commission on Wednesday.
Moynihan’s 2011 pay included $6.1 million in performance-based stock that
vests only if the bank meets a certain return on assets measure by the end of
2015. The CEO of the second-largest U.S. bank received no cash bonus, and his
salary stayed the same at $950,000.
In 2011, Bank of America shares fell 58 percent as investors worried about the
company’s need for more capital to absorb mortgage-related losses and meet new
international capital standards. Those concerns have eased after the bank
passed the Federal Reserve’s stress test in March, and its stock is up more
than 70 percent this year.
Bank of America also nominated director Virgis Colbert for re-election, even
though he has reached the age of 72. The company’s guidelines say directors
who reach that age should not be nominated unless it is in the “best
interests” of the company, according to the filing.
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