john thain

Thain in 2006. Born John Alexander Thain

May 26, 1955 (1955-05-26) (age 53)

Occupation former president of global banking, securities, and wealth management at Bank of America Home town Antioch, IL Salary $83.1 million[1] Board member of INSEAD, MIT Sloan School of Management, National Urban League

John Alexander Thain (born May 26, 1955) was the last chairman and chief executive officer of Merrill Lynch. Whilst Thain was designated to become president of Global Banking, Securities and Wealth Management in the new combined company, following the merger between Merrill Lynch and Bank of America, he resigned from the company on Thursday, January 22, 2009.[2] Bank of America lost confidence in Thain after he failed to tell the bank about mounting losses at Merrill late 2008 year. The Associated Press identified him as the best-paid CEO in 2007, among S&P 500 companies. On Monday, December 8, 2008, Thain had given up his pursuit of a controversial $10 million bonus award from the Compensation Committee of Merrill Lynch on that company's last day as an independent company. [3] On January 22, 2009 it was reported that in early 2008, over six months before a government bailout, Thain spent $1.22 million to renovate his corporate office - including $131,000 for area rugs, a $68,000 antique credenza, guest chairs costing $87,000, a $35,000 commode and a $1,400 wastebasket [4][5]. Thain decided to accelerate bonus payments at Merrill, giving out somewhere between $3 billion and $4 billion of the taxpayer bailout funds to employees before the Bank of America deal closed. He also paid his driver $230,000 for one year’s work [6].

Contents [hide] 1 Career 2 Compensation 3 Memberships 4 Personal life 5 References 6 External links //

Career

Previously, Mr. Thain held management positions at: the New York Stock Exchange (CEO), and Goldman Sachs (President, Chief Operating Officer, Chief Financial Officer). He amassed $300 million in Goldman stock. It was widely believed that Mr. Thain was also a front runner to head Citigroup.[7][8][9] Merrill Lynch and Citigroup sought new leaders following the sudden departure of their former CEOs due to disappointing Q3 2007 earnings reports.[10][11]

Thain was expected to be president of Global Banking, Securities and Wealth Management, a new division of Bank of America that includes its corporate and investment bank and most of its wealth and investment-management business following the completion of the merger.[12]

Compensation

In December 2003 NYSE interim Chairman John Reed, told The Wall Street Journal that Thain would be paid "a plain vanilla number" - about $4 million a year, including bonuses, with no "strange retirement" programs like former CEO Dick Grasso was paid.

Merrill Lynch announced that Mr. Thain will receive at least $50 million per year in compensation and could achieve as much as $120 million per year, depending on the company's stock price. Based on a formula