In a common occurrence at Bank of America, the lender’s chief operating officer out-earned CEO Brian Moynihan last year, according to a securities filing Thursday.
Tom Montag, who became the bank’s sole COO last year, made $14 million in salary, bonus and stock awards in 2014 compared with $13 million for Moynihan. Montag, who oversees the Charlotte bank’s investment banking and capital market operations, has frequently been paid more than his boss.
Thursday’s securities filing provides compensation details for top executives at the bank. Much of their pay had been disclosed earlier this year.
Counting salary and stock awards awarded for his 2014 performance, Moynihan’s compensation dropped by $1 million from 2013 as the bank struggled to boost its profitability.
Thursday’s filing also shows that Moynihan received “other compensation” of $532,459, most of which was related to use of corporate aircraft. That was up from $497,751 in 2013.
In Thursday’s proxy, the bank defended its October decision to give Moynihan the bank’s chairman title, a move that upset shareholders who prefer an independent check on the CEO.
“Our Board appointed Mr. Moynihan to serve as Chairman of the Board based on the leadership qualities, management capability, knowledge of the business and industry, and a long-term, strategic perspective he has demonstrated as CEO over a period of nearly five years after running each of our company’s operating units,” the filing stated.
The bank said its annual shareholder meeting with be held at the Charlotte Marriott SouthPark, a change from its usual location in uptown Charlotte.