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BUSINESS BRIEFING / COMPENSATION

Merrill CEO may get $5.2 million

November 07, 2008|Times Wire Services

Merrill Lynch & Co. Chief Executive John Thain, who received $15 million when he joined the brokerage last December, may get as much as $5.22 million more if a takeover by Bank of America Corp. is completed by Dec. 31.

The so-called change-of-control award reflects the cash value of Thain's stock-based compensation at Merrill, BofA said in a regulatory filing. Nelson Chai, Merrill's chief financial officer, may receive $1.17 million, the bank said.

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