BofA leaves CEO’s pay flat at $26.5M after decade at helm
Bank of America awarded Chief Executive Officer Brian Moynihan $26.5 million for 2019, unchanged from a record amount a year earlier.
Moynihan, 60, received $25 million in stock grants and a $1.5 million salary, the bank said in a filing Friday. While he hasn’t received a cash bonus since 2007, part of his stock award will settle in cash when it vests.
Moynihan marked 10 years at the helm in January. After inheriting a bank that was on the brink of extinction, the CEO turned the company around, boosting shares 129%, carrying out $88 billion in share buybacks and dividends, and converting multibillion-dollar losses into record profits. Still, net income fell 2.5% to $27.4 billion last year after an impairment charge and a slip in profit at the company’s investment bank and trading divisions.
--With assistance from Anders Melin.