Business Services Industry
President of Bank of America Resigns with $25 Million Severance Package.
Knight Ridder/Tribune Business News, May, 2004
By Sasha Talcott, The Boston Globe Knight Ridder/Tribune Business News
May 25--Bank of America's new president, Eugene M. McQuade, resigned yesterday, stunning colleagues who had expected him to remain one of the highest-ranking former FleetBoston Financial Corp. employees in the combined bank.
He will take with him more than $25 million in severance, including a $2 million bonus for his work from April to June of this year, the bank disclosed in a regulatory filing.
McQuade held the number two spot, under chief executive Kenneth D. Lewis, and served on the board of directors. But Bank of America's true engines of growth -- consumer and commercial banking, which generate about 70 percent of the revenue -- did not fall under his...
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