Bank of America chairman and CEO Hugh McColl Jr. received $4 million in salary and bonus in 2000, up 6.6 percent, but in contrast to 1999, neither he nor most other senior executives received any restricted stock awards during the year.
President and Chief Operating Officer Kenneth Lewis, who has been named as Mr. McColl's successor, and CFO James Hance Jr. received no raises last year, both collecting $2.5 million in salary and bonuses.
In 1999, Mr. McColl received $44.7 million in restricted stock awards, while Mr. Hance and Mr. Lewis received about $22.4 million in restricted stock that year.
Bank of America's stock was down 9 percent during 2000 as it joined other banks on investors' worry lists. The company faced some troubles with loans to large corporate borrowers in the second half of the year, but also announced major job cuts. The stock is up about 12 percent since Jan. 1.
The bank also said in its annual proxy filing that it plans to keep Mr. McColl on as a consultant after he retires at the April 25 annual meeting. He won't be paid a salary, but will get an office and assistant as well as use of a corporate jet under a five-year renewable retirement agreement.
Also at the annual meeting, shareholders will vote on a series of resolutions, including one brought by shareholders that would require the company to consider performance for at least a portion of the stock options it grants senior executives. The company opposes the idea, saying it is unnecessary because the board's pay policies are already based on performance.
