Bank of America's new chief got paid $6 million in 2009

Charlotte ObserverFebruary 26, 2010 

New Bank of America chief executive Brian Moynihan received total compensation of about $6 million last year, up from about $3 million in 2008, according to a proxy filing Friday.

Moynihan, who was head of consumer banking before becoming CEO on Jan. 1, received a salary of $800,000, plus a restricted stock grant worth $5.2 million and other compensation of $36,248. He received no bonus.

Lewis, who stepped down Dec. 31, received no pay in 2009 except for "other compensation" of $32,171, largely for tax preparation and financial planning services. Lewis agreed last fall to receive no pay for 2009 as part of an agreement with the Obama administration's pay czar.

The biggest pay package disclosed by the Charlotte bank went to Tom Montag, president of global banking and markets, who received total compensation of $29.9 million. Montag, a former Merrill executive, received stock grants valued at $29.3 million, including $20 million doled out in January 2009 under a 2008 contract with Merrill. He also received a salary of $586,539 and other compensation of 30,423 for 2009.

Montag's Merrill stock grant vests over three years, with the first third vesting this January.

Of Montag's other compensation, $25,000 was for use of a car and driver. Starting in September, he began paying a vendor the full cost for any personal car and driver use, the bank said.

Under pay czar rules in 2009, executives weren't allowed to receive more than $25,000 in "other compensation" in 2009. Anything above that, they had to repay to the company.

Read more of this story at CharlotteObserver.com

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