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BofA cuts CEO's pay for 2008

March 03, 2009|Times Wire Reports

Bank of America Corp. reduced Chief Executive Kenneth Lewis' total compensation in 2008 by 60% to $9.96 million after the company missed its performance targets.

The package included $1.5 million in salary, unchanged from the previous year, and no bonus, according to a federal filing by the Charlotte, N.C., bank.

Lewis, 61, had total 2007 compensation of $24.8 million under Securities and Exchange Commission reporting rules.

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