It’s a bittersweet happy hour for Bank of America CEO Ken Lewis. As of a few minutes ago, he gets to keep one of his two jobs — the one with all the work. At the bank’s annual meeting today shareholders voted by a razor-thin margin to keep Lewis in the CEO post and sack him as chairman. Walter Massey, a director at the bank and the president of Morehouse College, will replace him in the latter position. Lewis kept his job by a 50.3% vote in part on his strength among brokers who vote on behalf of their clients, bucking calls for reform by a formidable minority including one shareholder who referenced Psalm 83 at today’s meeting.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=143267