Now here's something Bank of America (BAC) shareholders
might want to discuss at the firm's annual meeting: Based on its stock
performance, Brian Moynihan ranks as the worst big bank CEO in the United
States. And according to Fortune, that's after this year's 40% rally in the bank's shares.
On Wednesday, B of A shareholders will congregate in
Charlotte for the bank's annual meeting. Among other things, shareholders will
vote on whether to approve the pay packages of Moynihan and other execs. The
majority of shareholders are expected to approve the payouts, in part because
Moynihan took a pay cut of $3 million, making his $7 million payout for 2011
one of the smallest among bank CEOs. Based on the company's stock market
performance, though, you might wonder if even that payout is too high.
Michael Mayo, a bank analyst at Credit Agricole Securities,
recently ranked current bank CEOs by the relative performance of their shares
during the time since they took over the banks. Moynihan became the CEO of B of
A in early 2010. Since that time the bank's shares have fallen 42%. That puts
Moynihan at the bottom of the heap. It's not just the stock market performance…..
No comments:
Post a Comment