Wednesday, Dec 07, 2016
One of America's Great Newspapers ~ Toledo, Ohio

Business

Top exec loses 1 title at Bank of America

CHARLOTTE - Ken Lewis was ousted as chairman of Bank of America Corp. yesterday after shareholders angry about the company's acquisition of Merrill Lynch & Co. voted to separate the job from that of chief executive.

Mr. Lewis will remain CEO of the bank, but board member Walter E. Massey, president emeritus of Morehouse College in Atlanta, will become company chairman.

Shareholders narrowly voted at the bank's annual meeting to split the jobs after months of rancor over the Merrill Lynch acquisition. After the deal was sealed Jan. 1, Merrill Lynch reported $15 billion in fourth-quarter losses and it was learned that Bank of America had approved the early payout of billions of dollars in bonuses to Merrill Lynch employees.

Mr. Lewis was chairman and CEO since 2001.

The proposal to separate the chairman and CEO jobs passed 50.34 percent to 49.66 percent.

Points of Interest
Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…