Sticking It to Ken Lewis

  • JJ Hornblass
  • October 15, 2009
  • 1

Courtesy of the WSJ:

Kenneth Lewis, outgoing chief executive of Bank of America, will get no salary or bonus for 2009. Lewis will have to repay the North Carolina-based bank more than $1 million in salary he has already earned.
The move was demanded by Kenneth Feinberg, the U.S. Treasury Department’s special master for compensation, and was agreed to by Lewis and the bank. A Bank of America spokesman said Lewis voluntarily agreed to the deal, which was finalized Thursday.

Ouch.

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JJ started the first iteration of Bank Innovation back in 2007, and has been working on it ever since. He also serves as President & Chief Executive Officer of Royal Media, Bank Innovation’s parent. He founded Royal in 1995 and oversees all aspects of the New York-based diversified media company. Prior to forming Royal, JJ was on the editorial staff of American Banker, the daily newspaper, and worked as an editor of a business magazine in Hong Kong. As a reporter and editor, he has won journalism awards from the National Press Foundation, Newsletter & Electronic Publishers Foundation, and the Reader’s Digest Foundation. He has a BS in Economics from Yeshiva University and a Master’s from the Columbia University Graduate School of Journalism. He was also a Fellow at the University of Wisconsin-Madison Graduate School of Banking. He lives in New York City with his wife, two daughters, and son. He counts among his accomplishments one New York City Marathon, two New York City Triathlons and the 2010 Father’s Day 5K, the first race he ever ran with his daughters. He can be reached at hornblass@gmail.com or 212-564-8972.

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One thought on “Sticking It to Ken Lewis

  1. As a believer in capitalism, the idea of a pay czar is an anathema to me, but I do have to wonder (given what he has genuinely earned and been paid over the years) why he needs over $53 million in pension benefits.

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