BoA Chairman's Severance Package: $16.4 million and Bosox Tickets

December 28, 2004 ( - Bank of America Chairman Charles "Chad" Gifford will receive severance benefits that include $16.4 million and a special deal on Boston Red Sox baseball tickets when he retires late next month.

Gifford, the former chief executive at FleetBoston Financial Corp., will step down January 31. He will receive $16.4 million in severance pay, cash incentives of up to $8.67 million, and a deal that will allow him access to four tickets at as many as 15 Red Sox baseball games a season for as long as he likes, Reuters reported.

Kenneth Lewis, currently CEO of Bank of America, will take over the Chairman’s title when Gifford retires. Gifford will also receive $50,000 per year for four years for consulting services, according to a filing with the Securities and Exchange Commission.

Gifford agreed to the severance package in 1999 during the merger of BankBoston Corp. and Fleet Financial Group Inc. The group was bought by Bank of America in April for $48 billion.