The Chief Executive Officer of the Bank of America, Brian Moynihan, made $8.1 million in total compensation last year, up from $1.9 million in 2010, according to a filing with the US Securities and Exchange Commission on Wednesday.
Moynihan’s 2011 pay included $6.1 million in performance-based stock that vests only if the bank meets a certain return on assets measure by the end of 2015. The CEO of the second-largest US bank received no cash bonus, and his salary stayed the same at $950,000.
In 2011, Bank of America shares fell 58 per cent as investors worried about the company’s need for more capital to absorb mortgage-related losses and meet new international capital standards. Those concerns have eased after the bank passed the Federal Reserve’s stress test in March, and its stock is up more than 70 per cent this year.
Bank of America also nominated director Virgis Colbert for re-election, even though he has reached the age of 72. The company’s guidelines say directors who reach that age should not be nominated unless it is in the “best interests” of the company, according to the filing.