Archive for November 14th, 2009

BofA Hits Pay Snag in Its CEO Hunt

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Published in The Wall Street Journal November 14, 2009 by Dan Fitzpatrick

Bank of America Corp. directors are hitting a new hurdle as they hunt for the giant bank’s next CEO: Obama administration pay czar Kenneth Feinberg.
William Demchak, senior vice chairman at PNC Financial Services Group Inc., spurned a feeler last week from a recruiter for the Charlotte, N.C., bank, according to a person familiar with the situation. Mr. Feinberg’s required approval of the compensation package for whomever succeeds Kenneth D. Lewis was a major factor in the decision, this person said. Mr. Demchak also didn’t see the bank’s situation as fixable given the government’s heavy influence over the company.

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TARP and the Future of Executive Compensation

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Published in Board Member November 14, 2009 by Irv Becker and David Wise

The Troubled Asset Relief Program (TARP) has the Compensation Committees of participating financial institutions scrambling to understand and adapt to its rules and restrictions affecting executive compensation. However, Board members at other companies should be watching how organizations subject to TARP are changing their programs to satisfy the new requirements – as many of these provisions may likely become relevant for non-TARP companies in the not-too-distant future.

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