April 4 (Bloomberg) — Brian T. Moynihan, who runs Bank of America Corp., the second-largest U.S. lender by assets, was among a group of underpaid chief executive officers last year, according to a study by pay expert Graef Crystal.
At least 99 companies in the Standard & Poor's 500 Index paid their CEOs at or below what Crystal calls their "going rate" last year, according to his study, which tracked 177 firms in the index. Moynihan, 54, was paid $13.1 million in 2013, 30 percent below what Crystal calculated as his going rate.
Chief executives typically receive boosted pay when their company's performance improves, Crystal said. When performance stalls, compensation doesn't always follow suit. Some U.S. companies have been able to tie pay to performance better than others — and improvement at those firms is happening at a "glacial pace," Crystal said.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
