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Bank of America's Lewis to Resign at End of Year

By the Associated Press

Posted Sep 30, 2009 4:41 PM CDT

(AP) – Ken Lewis, the embattled CEO of Bank of America, is leaving the company, succumbing to nearly a year of strife that followed his company's acquisition of Merrill Lynch. The bank said in a statement that Lewis, 62, would retire as CEO and also leave the company's board by the end of the year. The company said his successor will be selected by the time he steps down Dec. 31.

The news, coming after shareholders had stripped Lewis of his chairman's title earlier this year, wasn't surprising because of the heavy pressure he came under after the Merrill deal. Since the deal closed Jan. 1, it was learned that the investment bank, with the knowledge of BofA executives, gave billions of dollars in bonuses to employees even as it asked for more bailout money from the government.

Bank of America CEO Ken Lewis. (Getty Images)

Bank of America CEO Ken Lewis. (AP Photo/Mary Altaffer, file)

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Bank of America's Lewis to Resign at End of Year

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More Newser Stories

Florida Man Tried to Cash $100 Check ... Gets $3.3M

Well, after being mistaken for a robber and having his head kicked by police...

Moody's Slaps Wall Street's Big Banks With Review

Along with most of Europe's banks

CEOs Get Paid Big Bucks to Sit in Meetings, Eat Lunch

Study finds they spend a third of their time in meetings

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

Calif., NY May Sign On to Robo-Signing Settlement

Obama administration nearing deal for mortgage relief

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Bank of America's Lewis to Resign at End of Year

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Bank of America • CEO • retirement • Ken Lewis

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More Newser Stories

Florida Man Tried to Cash $100 Check ... Gets $3.3M

Well, after being mistaken for a robber and having his head kicked by police...

Moody's Slaps Wall Street's Big Banks With Review

Along with most of Europe's banks

CEOs Get Paid Big Bucks to Sit in Meetings, Eat Lunch

Study finds they spend a third of their time in meetings

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

Calif., NY May Sign On to Robo-Signing Settlement

Obama administration nearing deal for mortgage relief

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Newser By Users

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