Ken Lewis tossed out

Well, sort of. He stays on as Bank of America CEO, but shareholders narrowly voted to strip him of his chairman's title. The new chairman is Walter E. Massey, who has served as a non-executive director. Lewis, of course, has been under attack for the acquisitions of Merrill Lynch and Countrywide. Some shareholders have been especially peeved at his decision to keep quiet about Merrill's deteriorating condition before the deal was completed. (WSJ, Bloomberg)

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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