Concept

Ken Lewis (executive)

Summary

Kenneth D. Lewis (born April 9, 1947) is the former CEO, president, and chairman of Bank of America, the second largest bank in the United States and twelfth largest by total assets in the world. While CEO of Bank of America, Lewis was noted for purchasing Countrywide Financial and Merrill Lynch, resulting in large losses for the bank and necessitating financial assistance from the federal government. On September 30, 2009, Bank of America confirmed that Lewis would be retiring by the end of the year. Lewis was replaced by Brian Moynihan as president and CEO and Walter Massey as chairman of the board. Lewis grew up in Walnut Grove, Mississippi until age 5, then moved to Heidelberg, Germany. His father was in the Army. He is a graduate of Georgia State University, where he earned a Bachelor of Arts degree in finance from J. Mack Robinson College of Business. Lewis joined North Carolina National Bank (NCNB) as a credit analyst in 1969, and served as the head of both international and domestic operations when it became NationsBank, which would eventually become Bank of America. Lewis became CEO, president and chairman of Bank of America after the retirement of Hugh McColl in 2001. In November 2008, while still CEO, a time when the bank had had to borrow

86 billion from the Federal Reserve, Lewis wrote to shareholders saying that he was at the helm of "one of the strongest and most stable banks in the world". Lewis was named Banker of the Year in 2001, and was the same year honored as Top Chief Executive Officer, according to US Banker. In 2007, Lewis was listed among the 100 Most Influential People in the world by Time Magazine. He was again named Banker of the Year in 2008. While CEO of Bank of America in 2007, Lewis earned total compensation of

20,404,009, which included an annual base salary of

1,500,000, a cash bonus of

4,250,000, stocks granted of

11,065,798, and options granted of

3,376,000. In 2008, he earned total compensation of

9,003,467, which included a base salary of

1,500,000, stocks granted of

4,255,012, and options granted of

2,973,330.

Official source

https://en.wikipedia.org/wiki/Ken_Lewis_(executive)

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