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Article: CtW Calls Ken Lewis' Resignation Inevitable Result of Shareholder Vote.
- Article from:
- Investment Weekly News
- Article date:
- October 17, 2009
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The following is a statement from CtW Investment Group executive director William Patterson regarding Ken Lewis' announced resignation as CEO of Bank of America (NYSE:BAC).
Ken Lewis's resignation as CEO is the overdue but inevitable result of the overwhelming shareholder opposition registered at Bank of America's 2009 annual meeting. At that meeting, shareholders stripped Lewis of his chairmanship and cast an unambiguous vote of no confidence in his continuing as a director. The onus is now on the board of directors to engage with shareholders to name a successor who can ...