CHARLOTTE April 29 /PRNewswire/ -- Bank of America Corporation today announced the results of management and shareholder proposals at the company's 2009 annual meeting.All 18 directors were elected to the board by comfortable margins. In addition, management proposals regarding executive compensation and the retention of PricewaterhouseCoopers LLC as the company's independent accounting firm were approved.
Seven shareholder proposals were not approved. An eighth shareholder proposal to change the company's by-laws to require an independent chairman was narrowly approved. (For results see the table below).
At a meeting of the Board of Directors today, after a recommendation from the Governance Committee, Dr. Walter E. Massey was elected chairman. Kenneth D. Lewis will be president and chief executive officer. The board unanimously expressed its support for Lewis to continue in that role.
Ken Lewis Out As Chairman Of Bank Of America
Posted by Bess Levin, Apr 29, 2009, 5:40pm
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Posted by guest , Apr 29, 2009 5:45PM
at least he was held accountable in some form
Posted by guest , Apr 29, 2009 5:48PM
Even though it's not much, this makes me feel slightly more optimistic about the fate of capitalism in America.
Posted by guest , Apr 29, 2009 5:48PM
Wow, Ken must be bumming. Someone buy that man a drink!
Posted by Investorcluzo , Apr 29, 2009 5:49PM
cue up the blazing saddles clip...
Posted by guest , Apr 29, 2009 5:49PM
@2 what does this have to do with the fate of capitalism?
Posted by guest , Apr 29, 2009 5:53PM
bah - this isn't even a slap on the wrist. I'd rather have seen him re-elected. Then he wouldn't be able to say "See, I've been held accountable, all should be forgiven."
Is this really the great reckoning that is coming from his complete mismanagement of BAC and total incompetence?
It's like getting serial killer to plead to jaywalking in exchange for dropping the rest of the charges...
Posted by Seaman Bodine II , Apr 29, 2009 5:55PM
It's cool, Bam's gonna put Reverend Wright in charge, down in Charlotte. Then, that Chappelle skit about reparations won't seem so funny, rather just prescient.
Posted by guest , Apr 29, 2009 5:56PM
Will Lewis get a bonus for the change in positions?
~Gurious Guy Who Has a Friend Who Wants to Know
Somewheren, North Carolina
Posted by guest , Apr 29, 2009 6:01PM
no one actually likes to be chairman anyway. except the people who dont know any better
Posted by guest , Apr 29, 2009 6:10PM
@9
Uhh?
@7
Forgot your meds today?
Posted by guest , Apr 29, 2009 6:13PM
Just out of curiosity. I will get flamed for stupidity I know.
But when you are always saying KLew has a passion for Boone's do you mean the product described on Wiki as "a flavored malt beverage product produced in Modesto, California by E & J Gallo Winery." or is there some higher grade booze I haven't seen with that name?
Posted by guest , Apr 29, 2009 6:17PM
@4 that or Trading Places.
Posted by EricM , Apr 29, 2009 6:18PM
@11
Boone's is a key ingredient in KL's favorite drink. Charlotte Sangria, which is equal parts Boone's Farm and Fresca seasoned to taste with the Moonshine of your choice.
Posted by guest , Apr 29, 2009 6:18PM
@10 chairman takes the heat for any shit that hits the fan. also cannot exit the board quietly before the shit hits the fan without somebody making a big deal about it.
better to have the influence out of the public eye. unless you are a social climber (aka the people that dont know any better)
Posted by guest , Apr 29, 2009 6:22PM
Godspeed!
Posted by guest , Apr 29, 2009 6:32PM
Larry said yesterday that Vik was safe, is he?
Posted by guest , Apr 29, 2009 7:11PM
BofA stock...up or down tomorrow?
Posted by guest , Apr 29, 2009 7:34PM
Is Ken the next rick Waggonner?
Posted by guest , Apr 29, 2009 7:36PM
I deserved the Chairman position. Pay back would have been a BITCH!!!
John Thain
Posted by guest , Apr 29, 2009 8:07PM
-They killed Kenny!
-You bastards!
Posted by guest , Apr 29, 2009 8:20PM
like this
That bonus stuff was all on him
I was in Charlotte drinkin’ gin
http://thereformedbroker.com/2009/04/29/ken-lewis-should-i-stay-or-should-i-go/
Posted by guest , Apr 29, 2009 8:29PM
Klew is a stupid redneck. Hillbilly!
Posted by guest , Apr 29, 2009 8:36PM
kay-lew got pwned
Posted by guest , Apr 30, 2009 2:00AM
Ken Lewis should have been fired; as he is a fool and almost brought down the entire company for his selfish bureaucratic ways.
Posted by guest , Apr 30, 2009 5:21AM
#20 wins.
Posted by guest , Apr 30, 2009 5:22AM
#20 wins.
Posted by guest , Apr 30, 2009 8:46AM
20 & 23 FTW!!!!!!!