Bank of America CEO Brian Moynihan’s 2011 pay quadruples
In a year when Bank of America Corp.’s stock plunged 58% and the company announced plans to lay off 30,000 employees, Chief Executive Brian Moynihan’s compensation package more than quadrupled to nearly $8.1 million.
Here’s why: In 2011, the Charlotte, N.C., bank recorded $1.4 billion in profit after losing $2.2 billion the year before. So although the bank’s compensation and benefits committee kept Moynihan’s salary the same at $950,000, he landed $6.1 million in performance-reliant stock.
Then there’s the $420,000 worth of tax and financial advice, along with use of the company’s aircraft that’s also part of his package.
Along with various other components, Moynihan made nearly 317% more last year than the $1.9 million he pulled in during 2010, according to a Bank of America filing with the Securities and Exchange Commission.
Gross was not the only CEO to get a big raise. Walt Disney Co. chief Bob Iger’s $31.4-million compensation was a 13.6% increase over 2010. (Of course, that was before the “John Carter” disaster.)
And Viacom Inc. Chairman Sumner Redstone’s $21-million award in 2011 was 39% higher than the pay package the year before.
