Bank of America CEO Lewis Loses Chairman Title | WHAT REALLY HAPPENED

Bank of America CEO Lewis Loses Chairman Title

Bank of America Corp.'s (BAC) shareholders voted in historic fashion on Wednesday to strip chief executive Ken Lewis of his title as chairman, demonstrating just how precarious Lewis's hold on his other job - chief executive - has become.

The shareholder resolution, which requires Bank of America to appoint a separate chairman and chief executive, marks the first binding shareholder resolution to pass at a S&P 500-member firm, according to RiskMetrics Group.

The resolution passed with 50.34% of the vote . The margin was so razor-thin that Bank of America recounted the votes . Following the vote's tally, Bank of America's board huddled and elected Dr. Walter Massey as the bank's chairman

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