Bank of America's (BAC) CEO Ken Lewis Seems To Have The Board's Support
The Wall Street Journal reported this morning that it seems like Bank of America's (NYSE: BAC) CEO, Kenneth Lewis, does have the support of the board.
A person close to the board told the WSJ, "Lewis's job is in no danger." Another person familiar with the board said directors aren't considering removing Mr. Lewis or separating his chairman and CEO titles.
The board has its regularly scheduled meeting today and if any changes are going to made, the public will find out later today.
Bank of America's stock is down 80% since the Merrill deal was announced. Although, Lewis has maintained the support of the board, that support could wane quickly, as it did last year for Wachovia Corp. CEO Ken Thompson after it announced large losses.
Ken Lewis forced out former Merrill Lynch CEO John Thain last week and several other top Merrill executives have left the combined entity this month. It looks like Lewis is trying to get things under control at Bank of America and for now it appears his job is safe.
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Bank of America Corporation is a bank holding company.
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