Bank of America's Ken Lewis received a stay of execution, of sorts. Although he lost the chairmanship of the company, Lewis will continue to stay on as its CEO.
The move came yesterday after angry shareholders voted him out of the chairman position, dissatisfied with Lewis' handling of the much-maligned Merrill Lynch acquisition. Walter Massey, a long-time board member and president-emeritus of Morehouse College in Atlanta, was named the bank's new chairman.
However, a report from Bloomberg.com says that Lewis will still be in the hot seat when it comes to calming investors. Further, the article speculates that Lewis may eventually be forced to leave BofA altogether, but perhaps not for a couple years, Sean Egan, president of Egan-Jones Ratings Co., told Bloomberg.
For the full story, visit Bloomberg.com.