Bank of America awards CEO $117m stock

Bank of America has reported that it has awarded its chief executive $11.7 million of restricted stock.

The US banking giant said that Kenneth Lewis was awarded 263,697 shares, valued at $44.36 each, on Wednesday this week, which vest after three years. He has also received 425,000 stock options, priced at $44.36.

According to a Securities and Exchange Commission (SEC) filing, new Bank of America chief financial officer Alvaro de Molina also received 78,427 restricted shares, valued at $3.48 million.

The stock award forms part executive compensation for 2005 following a 19 per cent increase in profit by America's second largest bank last year, Reuters reports.

Bank of America posted record profit last year of $16.9 billion. The company's shares are floated on the New York Stock Exchange.

Mr Lewis was named chairman, chief executive officer and president of Bank of America in 2001 and has seen the company's performance and customer satisfaction ratings soar. He recently oversaw the bank's $34.2 billion acquisition of MBNA, making it the US's largest credit card provider.

Mr de Molina, 48, is responsible for the bank's finance, corporate treasury, corporate investments and investor relations departments. Previously chief executive officer of Banc of America Securities and president of global capital markets and investment banking, he assumed his current post in September 2005.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development