Ken Lewis, Bank of America Board Keeps Their Jobs

Bank CEO was protested

Despite outcry from shareholders and protests at Bank of America’s annual shareholder meeting today, Ken Lewis will retain his position as CEO of Bank of America.

The rest of the board will also remain in their current jobs. For details on protests, read my earlier post.

Thou doth not protest enough

Though shareholders were up in arms because of the purchase of failing Merrill Lynch, Bank of America spokesman James Mahoney says all of the board’s 18 members were re-elected by “a comfortable margin.”

Groups such as the California Public Employees Retirement System fund and companies including Egan- Jones Proxy Services called for Lewis to quit and voted against his re-election in the shareholder’s meeting. Nevertheless, the Bank of American board will remain unchanged, and the bank will continue business as usual, including mortgage loan modification and cash advances.

Root of the controversy

The shareholders were angered by the purchase of Merrill Lynch late last year because of a lack of disclosure on Lewis and the board’s part. The Bank of American board failed to inform shareholders of the dire financial situation Merrill Lynch was facing before it held a vote on the matter. ... click here to read the rest of the article titled "Ken Lewis, Bank of America Board Keeps Their Jobs"