Lewis Loses Chairman Title At B OF A

Posted by Orb Staff on April 30, 2009 No Comments
Categories : Residential Mortgage

ing a shareholder vote at Bank of America's annual meeting, Chair Kenneth D. Lewis was stripped of his title, and Walter E. Massey, a director of the company's board since 1998, was elected to replace him. Bank of America investors have been calling for Lewis' removal since details about the company's acquisition of Merrill Lynch & Co. emerged. Although no longer chairman, Lewis will continue as president and CEO. ‘Let me acknowledge that 2008 was a very difficult year for the economy, for the financial services industry and for our company in particular,’ Lewis says. ‘Our company's shareholders have carried a heavy burden recently. We are doing everything within our power every day to fight through today's adversity and drive toward tomorrow's promise." SOURCE: Bank of

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