Bank Of America Chief Brian Moynihan Gets 73 Percent Raise In 2012
* CEO’s pay increases to $12.1 million from $7 million on bigger stock grants
* 2013 salary will increase to $1.5 million from $950,000
* Some of stock grants are performance-based
By Rick Rothacker
Feb 19 (Reuters) – Bank of America Corp Chief Executive Brian Moynihan’s pay increased 73 percent in 2012 from the previous year to $12.1 million, as the bank gave him a bigger package of stock awards.
The second-largest U.S. bank gave Moynihan a raise when other CEOs on Wall Street received a pay cut, after Bank of America’s stock soared in 2012 and it made progress in resolving lawsuits from the financial crisis.
Moynihan received 926,238 shares of stock in three types of grants, including restricted shares and performance-based shares, according to a regulatory filing on Tuesday.
Moynihan earned a $950,000 salary in 2012, but received no cash bonus, similar to 2011, a person familiar with the situation said. The CEO’s 2013 salary will increase to $1.5 million, the person said.
The stock grants for 2012 were worth $11.1 million at the closing price of $12.03 on Friday, the date they were awarded. Moynihan received grants worth about $6.1 million for 2011.