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April 30, 2009

Times: BoA investor revolt forces out Lewis as chair

By Spear's

Bank of America’s shareholders ousted Kenneth Lewis as chairman of America’s biggest bank last night in a display of anger over last year’s $50 billion acquisition of Merrill Lynch.

From the Times:

Bank of America’s shareholders ousted Kenneth Lewis as chairman of America’s biggest bank last night in a display of anger over last year’s $50 billion acquisition of Merrill Lynch.

It was a spectacular fall from grace for Mr Lewis, who was hailed as a hero last September when he came to the rescue of Merrill, the Wall Street investment bank that was teetering on the brink of collapse, after just 48 hours of due diligence.

In January it emerged, however, that Merrill had made a giant fourth-quarter loss. Shareholders have seen their stocks slide from $38.13 in the weeks after the takeover was announced to $3.14 in early March.

Mr Lewis will become president of the bank and keep his position as chief executive of BoA. Walter Massey, an academic and former Presidential adviser who has been on BoA’s board since 1998, will take over as chairman.

To read the full story, visit timesonline.co.uk

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