Bank of America’s CEO Bows out
The nytimes.com yesterday reported that the Bank of America’s chief executive, Kenneth D. Lewis, is to step down effective 1 January 2010, following months of turmoil and intense scrutiny over the bank’s ill-fated merger last autumn with Merrill Lynch – one of the world’s leading financial management and advisory companies which provides financial advice and investment banking services.
Eric Dash and Louise Story of The New York Times stated that Mr. Lewis placed a phone call to the bank’s board earlier yesterday, informing directors of his decision to retire – the board accepted his decision but did not immediately name a successor. It is expected that the board will continue evaluating the possible successors in due course.
Mr. Lewis has been under immense pressure since the bank merged with Merrill Lynch. He struck a deal to buy the investment bank last autumn, which pushed the Bank of America towards its second bailout from the government in January. Mr. Lewis advised in a statement that he will leave the bank’s board when he retires as the company’s chief executive.
Bank of America has received $45 billion in taxpayer bailout money but last week announced several measures to cut its reliance on federal assistance.
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http://dealbook.blogs.nytimes.com/2009/09/30/lewis-to-step-down-as-bank-of-americas-chief/?scp=4&sq=Kenneth%20D.%20Lewis&st=cse