UPDATE 2-BofA CEO Lewis' '08 compensation cut 60 pct

Mon Mar 2, 2009 11:52pm GMT
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* Total compensation of $9.9 mln, down from $24.8 mln

* Executives receive no performance bonuses for 2008

* Shareholders to vote on replacing Lewis as chairman

NEW YORK, March 2 (Reuters) - Bank of America's (BAC.N: Quote, Profile, Research) Chief Executive Kenneth Lewis saw his total compensation cut about 60 percent in 2008, according to a filing with U.S. regulators on Monday.

Lewis' total compensation in 2008 was $9.9 million, down from $24.8 million in 2007.

In addition to a salary of $1.5 million, Lewis received stock and option awards for his job performance from 2005 that vested in 2008.

Also in 2008 he received perks such as the use of a corporate jet, valued at just over $220,000 in 2008, up from about $127,000 in 2007.

"This will raise some shareholders' eyebrows," said Eleanor Bloxham, chief executive officer of The Value Alliance, a corporate governance advisory firm.

"In this environment, most CEOs are looking to decrease their use of private aircraft," she added.  Continued...

 
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