Bank of America Chairman and Chief Kenneth D. Lewis earned $26 million in 2006, according to an SEC filing. Here’s the breakdown on Mr. Lewis’ eye-popping compensation package:
- $1.5 million in salary
- $6.5 million in nonequity incentive plan compensation
- $14.6 million in stock and option awards
- $15,972 for financial planning and tax preparation services
- $110,899 in personal use of company aircraft
- $25,726 for home security and secure parking
The calculations do not include changes in the current value of pension benefits.
The bank’s proxy also said that Mr. Lewis had exercised more than four million stock options last year for a total of $77 million and had become vested in 329,248 shares in stock valued by the company at about $14.5 million.
How does one come to earn such riches? He must have an advanced degree from a tony private school, right? And, he’s certainly got an MBA from Wharton, right?
Surprisingly, the man atop the Bank of America empire graduated from a public college (Georgia State University) and does not have an MBA. Nope, he worked his way up from the small town of Meridian, Mississippi to the Chairman and Chief of the 5th most profitable company in the world ($21.1B on $74.2B in revenue).
So how did a man of Mr. Lewis’ humble beginnings end up a Chairman and CEO of Bank of America? Good ol’ solid hard work and determination. Lewis began his career at BOA’s predecessor in 1969 as a credit analyst and held more than 10 other progressively responsible positions prior to earning the top job.
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