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Ken Lewis Out As Chairman Of Bank Of America

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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.