Just as an NCAA hoops power needs a driven coach to lead the way through March Madness, a corporation seeking the Worst Company in America Golden Poo needs a CEO who manages to rake in ludicrous pay raises.
Bank of America headman Brian Moynihan is fitting the bill, having received more than four times the compensation in 2011 than he did in 2010. After making $1.9 million in 2010, Moynihan earned $8.1 million last year thanks to $6.1 million in performance-based stock.
Drawing the info from a Securities and Exchange Commission filing, Reuters reports that the stock grants were based on the company’s 2010 performance. He received similar value in stock grants in February of this year, thanks much in part to the bank’s performance in 2011.
The pay may seem outrageous, but Moynihan comes cheap in comparison to other bank CEOs, such as Wells Fargo’s John Stumpf ($19.8 million) and Citigroup’s Vickram Pandit ($14.9 million). Three other BofA officers made more than Moynihan, with its CFO topping the list at $11.1 million.
Parents, tell your kids to forget about those astronaut, president or pro athlete dreams and convince them to focus on becoming bank honchos.