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

Outgoing CEO proves critics wrong and paves way for successor

(NEWSER) - Bank of America’s move to repay $45 billion in TARP funds marks a triumph for the rehabilitated institution and especially beleaguered CEO Ken Lewis. Wooing a replacement for the retiring Lewis was proving exceedingly difficult as candidates declined to try to run the company with government scrutiny of executive pay. Then the CEO, who abruptly announced his departure in October, solved the problem. More»

BofA CEO will return $1M and forgo any pay this year

(NEWSER) - President Obama's pay czar has landed his biggest punch yet: Bank of America CEO Ken Lewis will forgo any pay this year and return $1 million he's already accepted. But don't start up a collection just yet: The reason Kenneth Feinberg made the request is because Lewis will receive about $70 million in retirement benefits when he steps down in December. Feinberg is powerless to touch that sum, but he figured it's compensation enough, reports the Wall Street Journal. More»

But President Obama's pay czar could yet step in on that, millions in stock

(NEWSER) - An executive pension plan Bank of America stopped in 2001—along with “golden parachute” balloon payments to execs leaving the company—will yield about $53 million for departing CEO Ken Lewis. Lewis, 62, participated for years in the plan, which was frozen the year he ascended to the top job. Anyone who bought BofA stock that year, Fortune notes, would currently be underwater on their investment. More»

(NEWSER) - Bank of America shareholders gave Ken Lewis a demotion today. Lewis will remain the bank's president and CEO, but he will lose his position as board chairman, the Wall Street Journal reports. Shareholders—angry about the bank's plummeting fortunes of late—voted to split the chairman and CEO duties. Walter E. Massey will succeed Lewis in the post. More»

Fired Merill CEO tries to 'set the record straight' about $3.6B payout

(NEWSER) - In his first lengthy interview since being pushed out as CEO of Merrill Lynch, John Thain tells the Wall Street Journal that Bank of America—which acquired Merrill in September—is lying about its involvement in the $3.6 billion in bonus payouts that made Thain the poster boy for corporate greed. “Getting fired is one thing,” Thain said. “But nobody has the right to say things that they know aren't true.” More»