Bank of America CEO faces test at annual meeting

Bank of America Corp's (BAC.N) embattled CEO, Kenneth Lewis, may have to give up the post of chairman as shareholders hold a referendum on his eight-year tenure as head of the largest U.S. bank.

At the bank's annual meeting on Wednesday, Lewis is likely to be re-elected to the board by a wide margin, but the vote on a shareholder proposal to have the bank appoint an independent chairman is likely to be close, The Wall Street Journal said.

Lewis, 62, faces shareholder anger over Bank of America's January 1 purchase of Merrill Lynch & Co, including the failure to quickly disclose huge losses that Merrill was amassing even as it was paying out $3.62 billion in bonuses to employees.

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- Posted: 2009-04-29 08:03:28

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