Kenneth D. Lewis served as the CEO of Bank of America Corporation from April 2001 until December 2009. He has a strong background in finance, having started with the company in 1969. During his tenure, Bank of America became one...

Kenneth D. Lewis served as the CEO of Bank of America Corporation from April 2001 until December 2009. He has a strong background in finance, having started with the company in 1969. During his tenure, Bank of America became one of the largest financial institutions globally. In 2008, Lewis received a total compensation of nearly $10 million, heavily influenced by the company's performance, which took a toll during the financial crisis. Interestingly, he waived his salary for 2009, returning any amounts received due to the economic downturn and his company's participation in the Troubled Asset Relief Program (TARP). By the end of his time as CEO, he had a notable pension plan in place, though his retirement benefits were frozen in 2002, limiting further growth. Lewis's leadership marked a significant era for Bank of America as it navigated through challenging economic times, culminating in his retirement and the transition to Brian T. Moynihan as CEO.

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1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other Bank of America CEOs

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Kenneth D. Lewis

Ex-CEO of Bank of America

Education

University of Kentucky

Field of Expertise

Finance & Banking - Finance

Sector of Economy

Financial Services

Born

December 16, 1946 - 78 years ago

CEO of Bank of America for

8 years 8 months (Apr 2001 - Dec 2009)

Previous Experience

Joined Bank of America in 1969, served in various roles including President and COO.

Rivals

Competitors/colleagues of Kenneth D. Lewis

G

David M. Solomon

CEO of Goldman Sachs Group

2023 Compensation

Stock

$36.08M

Salary

$2.00M

Bonus

$8.70M

Other

$320.86K

Total Holdings

$71.95M

C

James Quincey

CEO of Coca-Cola

2023 Compensation

Stock

$43.34M

Salary

$1.60M

Bonus

$0.00

Other

$625.06K

Total Holdings

$90.50M

J

Jamie Dimon

CEO of JPMorgan Chase

2023 Compensation

Stock

$0.00

Salary

$1.50M

Bonus

$5.00M

Other

$400.19K

Total Holdings

$1.72B

C

Jane Fraser

CEO of Citigroup

2023 Compensation

Stock

$0.00

Salary

$1.50M

Bonus

$3.68M

Other

$19.80K

Total Holdings

$38.21M

C

Michael K. Wirth

CEO of Chevron

2023 Compensation

Stock

$17.23M

Salary

$1.85M

Bonus

$2.61M

Other

$436.45K

Total Holdings

$11.17M

B

Warren E. Buffett

CEO of Berkshire Hathaway

2023 Compensation

Stock

$0.00

Salary

$100.00K

Bonus

$0.00

Other

$313.60K

Total Holdings

$162.98B

Holdings

See how much did Kenneth D. Lewis make over time.

Kenneth D. Lewis had considerable stakes in Bank of America during his time as CEO. At his peak, he held 600,000 restricted stock units granted in 1999, which were worth a lot when they vested in 2004. By 2009, as...

Kenneth D. Lewis had considerable stakes in Bank of America during his time as CEO. At his peak, he held 600,000 restricted stock units granted in 1999, which were worth a lot when they vested in 2004. By 2009, as part of his compensation structure, he had 263,697 shares of restricted stock that vested that year, valued around $1.4 million at the time, indicating a substantial alignment with shareholders' interests. Lewis experienced fluctuations in his wealth due to market dynamics and the financial crisis, but much of his financial success was tied to his long-term stock holdings. Even as he waived his salary, his stock holdings remained a significant part of his wealth, contributing to his overall earnings significantly throughout his career. Lewis's approach to compensation reflected a strategy focused on long-term performance and accountability.

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Insider Trading

See recent insider trades of Kenneth D. Lewis.

No insider trades found for this CEO.

Compensation History

See how much did Kenneth D. Lewis make over time.

Kenneth D. Lewis's compensation was closely linked to the success of Bank of America. In 2008, he earned nearly $10 million, but the majority came from stock awards, not his salary. Notably, he chose to receive no salary or bonus in 2009, a move that was unprecedented and showed his commitment to the company's financial health during tough economic times. His earnings in previous years included hefty bonuses based on performance metrics like revenue and stockholder return, but these were heavily impacted by the macroeconomic crises. His pay-for-performance strategy was designed to align his financial success with that of the bank and its shareholders, making his compensation a clear reflection of company performance. Over the years, his total compensation numbers reflect his position as one of the highest-paid executives, with millions earned through stock rewards and options, although much of this was curtailed during the financial downturn.

Year

2009

Total Compensation

$1.50M

Salary

$0.00

Board Justification

The compensation philosophy emphasizes pay-for-performance, aligning executive compensation with company performance and shareholder interests, particularly in light of TARP requirements.

Bonus

$0.00

Board Justification

Mr. Lewis agreed to receive no salary or incentive compensation for 2009, and he repaid the base salary he had already received for 2009.

Other

$32.17K

Board Justification

Other compensation includes tax preparation and financial planning services, home security, and secured parking, limited to $25,000 due to TARP requirements.

Restricted Stock

$1.47M(263.7K restricted stock)

Board Justification

263,697 shares of restricted stock vested in 2009, valued at $1,468,792 at the time of vesting.

Performance Metrics

The performance metrics for determining compensation were not specified for 2009, as Mr. Lewis did not receive any performance-based compensation.

Other Bank of America CEOs

Here are other CEOs of Bank of America

Brian T. Moynihan

CEO of Bank of America

January 2010 - Present