Bank of America (NYSE: BAC) CEO Brian Moynihan earned a total of $6.5 million in compensation during 2009 when he served in a number of executive positions, according to a new regulatory filing from the company.
Most of Moynihan’s compensation was in the form of $5.2 million worth of stock awards. His base salary was $800,000 and he received no bonus at the end of the year. Moynihan’s total salary for the previous year was between $4.8 and $4.9 million.
Moynihan’s predecessor, Kenneth Lewis, received no salary or bonus for 2009 under an agreement that Lewis made with the federal government that limited the company’s executive compensation because it received $45 billion in federal bailout funds. Lewis’ total compensation for the year was a total of $4.2 million, most of which related to modifications to his pension plan. Lewis also received $32,171 worth of perks including home security and tax services. In 2008, Lewis earned a $1.5 million salary and had a total compensation of just under $10 million.
Although Moynihan is Bank of America’s CEO, he is not the highest paid employee. Thomas Montag, head of Bank of America’s Global Banking and Markets business, earned $29.9 million in total compensation. Most of Montag’s salary came in the form of a $29.3 million stock award that Merrill Lynch had promised him when he had joined the company in 2008.
