http://dealbook.nytimes.com/2011/10/07/2-ousted-bank-of-america-executives-get-final-paychecks/Two ousted Bank of America executives, Sallie Krawcheck and Joe Price, will receive $6 million and $5 million, respectively, under newly signed agreements smoothing their departures from the bank.
The agreements came about a month after a management shake-up at the big bank led to the departure of Ms. Krawcheck, one of the most prominent women on Wall Street and president of the bank’s global wealth and investment management, and Mr. Price, a longtime Bank of America executive and president of its consumer and small-business division.
In the documents, signed Thursday and filed with the Securities and Exchange Commission at about 4:15 p.m. Friday, both executives are promised “installment payments” equivalent to their annual base salaries — $850,000 apiece, paid out over the next year — as well as a “one-time supplemental lump sum payment” of $5.15 million for Ms. Krawcheck and $4.15 million for Mr. Price.
By contrast, Ms. Krawcheck received total compensation of $6.2 million last year and $1.9 million in 2009, according to the bank’s regulatory filings. Mr. Price received $917,027 last year and $6.1 million the year before.
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