BofA chairman ousted by angry shareholders

Bank of America shareholders had their chance to speak out yesterday at the company's shareholder meeting in Charlotte, NC. In the end, embattled bank CEO...

Bank of America shareholders had their chance to speak out yesterday at the company's shareholder meeting in Charlotte, NC. In the end, embattled bank CEO Kenneth Lewis lost his chairman post; Walter Massey, president emeritus of Morehouse College will replace him. It was a close decision that required officials to recount ballots.

Lewis used the meeting as an opportunity to defend his tenure. He has been in the hot seat from shareholders and New York's Attorney General Andrew Cuomo over the Merrill Lynch acquisition, the Countrywide purchase, and the financial damage that it has caused the bank. While Lewis had supporters, there were still many calling for his dismissal. Among those disgruntled shareholders was the California Public Employees' Retirement System (Calpers), the nation's largest public pension fund and holder of 22.7 million shares of BofA. The SEIU has also sought Lewis' ouster and announced yesterday that they delivered more than 90,000 "taxpayer proxies."

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