Wednesday, April 29, 2009

Kenneth Lewis Removed as Bank of America Chairman

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Kenneth Lewis has officially been removed as chairman of Bank of America, but will remain on as CEO and President. Even before the results of the final vote from the Bank of America shareholder meeting were announced, Bank of America shares rose 53 cents to $8.68, a 6.5% increase. The move seemed inevitable as Lewis was widely criticized for not making shareholders aware of Merrill Lynch and Co.'s problems immediately after he found out about them. In addition, many did not approve of the merger with Merrill Lynch that took all too little time to finalize.

Walter E. Massey, formerly President of Morehouse College and Director of the National Science Foundation, will take the place of Lewis as Bank of America Chairman.

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