Management Turnover as Change Agent

Thursday, March 5, 2009

CEO Watch - Ken Lewis, Bank of America, Update 2

Ken Lewis, Bank of America’s BAC (NYSE) embattled CEO, found himself today under added new pressure.  CTW Investment Group which works with Union-affiliated pension funds just wrote a letter to the bank calling for Lewis’ ouster.  The text of the letter appeared in today’s Charlotte Business Observer.  CTW has often been a thorn in the back of top executives perceived as failing in their executive duties.  According to a Reuters story CTW said,

if Lewis is not removed, shareholders should vote against the reelection of Lewis, Sloan and corporate governance committee chair Thomas Ryan to the board. Ryan is chief executive of CVS Caremark Corp (CVS.N).

Bank of America’s annual meeting is scheduled for April 29…

The real question remains what could a replacement for Lewis do at this point?  Stay tuned.  

For more:  

Charlotte Business Journal   


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