Charlotte sometimes

29 April 2009 By Rob Cox Follow @rob1cox

Despite the parochial hoopla of the bank s AGM in Charlotte, a resolution to separate the chairman and CEO roles received enough support for the board to act. But naming a lifelong academic to oversee the domineering Lewis looks like a fig leaf.

This content is for Subscribers only

To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial.

Context News

Bank of America said enough shareholders supported a resolution to separate the roles of chairman and chief executive for the board to act. The bank's longtime director Walter Massey will become chairman. Ken Lewis will remain chief executive.

The Charlotte, North Carolina based bank – which bought Merrill Lynch last year – said 50.34% of shareholders at its annual meeting supported the resolution. In addition, 32.67% of shareholders withheld support for Lewis' reelection as a director.

The board unanimously expressed its support for Lewis to continue as chief executive.

Email a friend

Please complete the form below.

Required fields *

Charlotte sometimes

This content is for Subscribers only

Existing Users Log In

Email a friend

Please complete the form below.