Lewis Stripped of BofA Chair
The Bank of America (BAC) shareholders voted to strip president and CEO, Kenneth Lewis of his position on the board of directors. Lewis is being replaced by Walter Massey, president emeritus at Morehouse College in Atlanta. Massey served as a director of BankAmerica Corporation from 1993 to 1998 and currently also works as a director of McDonald's Corporation. A total of 18 directors are now elected to the board and, vote-wise, all won by comfortable margins, according to a statement released by BofA. During the meeting, Lewis clarified the company's long-term vision for profitable growth is being advanced by the acquisitions of Merrill Lynch and Countrywide Financial despite the challenging economic environment. "We are building this company and managing for the long term," Lewis told the shareholders. "I continue to believe we have built the best financial company in the industry, and that our results over the long term will bear that out. "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 said. "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.