Home / Richest Chefs / Ken Lewis Net Worth

Ken Lewis Net Worth

How rich is Ken Lewis?

Ken Lewis Net Worth:
$65 Million

Birth date: April 9, 1947
Birth place: Meridian, Mississippi, United States
Profession: Banker, Businessperson
Education: Georgia State University, J. Mack Robinson College of Business
Nationality: United States of America
Books: Poems from Earth
Source: Wikipedia & Freebase

Ken Lewis biography:

American businessman Ken Lewis has an estimated net worth of $65 million in 2012. He formerly served as Chairman, President and Chief Executive Officer at Bank of America that is considered as the planet ‘s second largest bank as well as the biggest bank in The United States. He just started serving such positions in 2001 afterHugh McColl’s retirement.

While serving as the chief executive of the bank, Ken Lewis purchased Merill Lynch andCountrywide Financialincurring enormous losses to the bank which necessitated the help of the national government. Near the end of 2009, Ken Lewis’ retirement from the bank came into rumor.

Kenneth D. Lewis was born onApril 9, 1947 inWalnut Grove, Mississippi, U.S. He is a graduate ofGeorgia State Universitywith a degree in Finance. He is now married to Donna Lewis.

In 2001, Lewis was named asBanker of the Year as well as on precisely the same year, he was recognized as theTop Chief Executive Officer from the U.S. Banker. He was also honored by TIME Magazine as among the 100 Most Influential People on the planet in 2007. A year later, he was again named as the Banker of the Year.
Kenneth D. “Ken” Lewis (born April 9, 1947) is the former CEO, President, and Chairman of Bank of America, the 2nd largest bank in America and twelfth largest by total asset in the world. While CEO of Bank of America, Lewis was noted for purchasing Countrywide Financial and Merrill Lynch resulting in substantial losses for the bank and necessitating financial assistance in the Government. On September 30, 2009 Bank of America confirmed that Ken Lewis would be retiring by the end of the year.

While CEO of Bank of America in 2007, Kenneth D. Lewis made a total compensation of $20,404,009, which comprised an annual base salary of $1,500,000, a cash bonus of $4,250,000, stocks granted of $11,065,798, and options allowed of $3,376,000. In 2008, he made a total compensation of $9,003,467, which contained a base salary of $1,500,000, stocks granted of $4,255,012, and options allowed of $2,973,330. In 2009, he got a total compensation of $32,171.00 accepting no salary, bonus, or stock options. To prevent a confrontation with Kenneth Feinberg, the U.S. Treasury’s special master for compensation, Lewis decided to forgo salary or bonus in 2009. Lewis left Bank of America with more than $135 million in retirement benefits, such as the pension and $10 million in life insurance benefits, based on an evaluation of corporate filings by James F. Reda & Associates, an independent consulting firm.” On January 11, 2008, Lewis declared that Bank of America would purchase Countrywide Financial for $4 billion stating that it was “rare opportunity” for the company. Bank of America would settle the acquisition at $2.5 billion. The acquisition has since been characterized as the worst deal in the annals of American finance having a total cost which may exceed $40 billion as opposed to the original $2.5 billion cost due to Countrywide real estate losses, legal expenses and settlements with state and federal agencies. Losses associated with the Countrywide acquisition have now been so extensive that Bank of America had considered the option of setting its Countrywide division into bankruptcy in 2011.

Check Also

Robert Irvine Net Worth

Robert Irvine Net Worth 15 Million Robert Irvine is among the most popular star chefs. ...