Tags: Montag | bank | salary | BofA

BofA Markets Chief Was Bank's Highest Paid Exec in '12

Thursday, 28 Mar 2013 12:40 PM

Bank of America Corp's co-chief operating officer, Tom Montag, was once again the bank's highest paid executive in 2012, as his pay climbed 21 percent to $14.5 million.

Montag's compensation, which included a $5.46 million bonus and $8.19 million in stock, eclipsed the $12 million awarded to Chief Executive Brian Moynihan, according to a filing the bank made on Thursday with the U.S. Securities and Exchange Commission.

Executive pay packages rose in 2012 as Bank of America's shares climbed more than 100 percent and the bank resolved some of its mortgage-related legal problems.

Moynihan, whose compensation was disclosed last month, was the bank's second-highest-paid executive after his total rose more than 70 percent to $12 million thanks to a higher stock grant of $11.1 million. He did not receive a cash bonus.

Montag, who runs global banking and markets businesses, has frequently made more money than his boss since joining Bank of America in its 2009 acquisition of Merrill Lynch & Co. In 2012, he also earned more than the CEOs at JPMorgan Chase & Co and Morgan Stanley.

Chief Financial Officer Bruce Thompson made $11 million, followed by co-Chief Operating Officer David Darnell ($9.5 million) and general counsel Gary Lynch ($7 million).

Thursday's proxy filing also disclosed that five of the bank's 18 directors will not stand for election at this spring's shareholder meeting as part of a board shuffle that began last summer.

Three directors who were at or near the retirement age of 72, Virgis Colbert, Donald Powell and Charles Rossotti, are departing, joining two other directors, Robert Scully and Mukesh Ambani, who had previously announced they were leaving.

The exits are the latest reshaping of the bank's board, which will shrink to 13 members.

In 2009, federal regulators pressed the bank to add directors with more financial expertise after the company required multiple bailouts during the financial crisis. Of those six board members, only former Federal Reserve Governor Susan Bies and former DuPont CEO Chad Holliday remain.

In anticipation of retirements, the bank has added six new board members since August, all of whom will stand for election at the May 8 shareholder meeting. Four of the new directors were found through a search firm and two others were identified by Holliday, the board's chairman, according to the filing.

© 2017 Thomson/Reuters. All rights reserved.

 
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Bank of America Corp's co-chief operating officer, Tom Montag, was once again the bank's highest paid executive in 2012, as his pay climbed 21 percent to $14.5 million.
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2013-40-28
Thursday, 28 Mar 2013 12:40 PM
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