Bank of America's (BAC) Ken Lewis Announces His Retirement
It has been rumored for awhile, but it finally happened today after the close, Bank of America's (NYSE: BAC) CEO Ken Lewis announced his decision to retire, effective December 31, 2009. The Board will continue ongoing planning to ensure his successor is selected by that date. Lewis will retire as CEO and as a director.
"Bank of America is well positioned to meet the continuing challenges of the economy and markets," said Lewis. "I am particularly heartened by the results that are emerging from the decisions and initiatives of the difficult past year-and-a-half."
"The Merrill Lynch and Countrywide integrations are on track and returning value already," Lewis noted. "Our board of directors and our senior management include more talent, and more diversity of talent, than at any time in this company's history. We are in position to begin to repay the federal government's TARP investments. For these reasons, I decided now is the time to begin to transition to the next generation of leadership at Bank of America."
"Ken Lewis was a key architect in building a truly global financial franchise," said Walter E. Massey, Chairman of the Board of Directors. "We are on a solid path to the future. The board will be moving in a deliberate and expeditious manner to select a worthy successor to Ken Lewis."
UPDATE: According to CNBC's Charlie Gasparino, Lewis was not asked to resign, but there was concern of pending civil charges related to the BofA Merrill Lynch deal.
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