Poor Ken Lewis, how will he survive?
Ken Lewis doesn’t have a golden parachute, but he’s all set for a comfortable landing — unlike his long-suffering shareholders. The Bank of America chief executive officer said Wednesday he’ll step aside at year-end after eight years at the helm. Based on the company’s most recent proxy statement, he will have $53 million in pension benefits waiting for him when he leaves. That should give him about $3.5 million a year in pension payouts for the rest of his life — at a time when people who bought the stock when he took the reins in 2001 are underwater on their investments. – from Forbes