Despite most headlines correctly noting that Bank of America CEO Ken Lewis had his pay cut in half in 2008 compared to the year before, the 58% drop in his compensation was less severe than the drop in the company's stock price last year. Worse, Lewis still made $10 million in 2008 according to company filings (though the stock option awards are probably worthless right now).
Lewis' pay included:
- $1.5
million in base salary
- $4.3 million in stock awards
- $3.1 million
in stock option awards
- $854,256 for the
change in pension value and deferred compensation
- "other expenses"
of $275,125 - primarily the use of company aircraft and home security services