Thursday, April 30, 2009

Bank of America Chief Ousted as Chairman -

The trend to separate CEO and Chair of the board position continues with the highly publicized case of Ken Lewis losing his chairman position.

Bank of America Chief Ousted as Chairman -
"Mr. Lewis, who helped build Bank of America into the nation’s largest bank, was stripped of his chairman’s title.... At a contentious annual general meeting, angry investors held him accountable for what they view as a series of missteps that forced the once-mighty bank to accept not one but two government bailouts.

For Mr. Lewis, the bad news arrived shortly before 6 p.m., after a gathering that seemed to captivate much of Charlotte, where Bank of America’s soaring headquarters punctuates the skyline.

While Mr. Lewis remains chief executive — the board expressed its unanimous support for him — many inside and outside the bank wonder if he can hang on. Mr. Lewis confronts daunting challenges, and many of his investors are losing patience. Even after receiving billions of taxpayer dollars, some analysts say, the bank may still need to raise more to shore up its weakened finances."

1 comment:

Olivier Contraire said...

Ken Lewis had to go so that Bank of America could have a fresh start. This is a lesson to all aspiring CEOs...Shareholders must come first!