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Bank of America (NYSE: BAC) CEO Kenneth Lewis has received the dreaded vote of confidence from his company's board of directors.In a statement, Bank of America lead director Temple Sloan said that "The board today during their regular meeting expressed support for Ken Lewis and the management team, noting their experience in managing through challenging environments and in assimilating mergers."
Is Mr. Sloan on crack? Ken Lewis has presided over an acquisition-fueled destruction of shareholder value that is almost without precedent in the history of the world. If Mr. Lewis has experience in assimilating mergers, it is only because he has made so many boneheaded acquisitions.
Lewis also told (subscription required) The Wall Street Journal that the issue of Lewis' job security "is not expected to be reopened. We are going forward."
Ken Lewis has taken one of the most richest and most powerful banking institutions in the world and brought it to the point where it has had to be bailed out by the United States taxpayer twice. If he doesn't lose his job over that, the company's directors should lose theirs.
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Reader Comments (Page 1 of 1)
1-29-2009 @ 1:45PM
BHarrison said...
Well, how about if I close out my $300K of accounts with BAC as a protest to this B.S. vote by the Board of Directors.
Wasn't this the SAME Board that allowed all of the previous "derivatives" and other orchestrated FRAUDS to be committed? And isn't this the SAME BOARD that has allowed all of the outrageous salaries, exorbitant bonuses, and other compensations to be paid out without regard to unethicality of it all?
The "bottom line" is that THIS Board should be removed and replaced with new members who can and will address BAC's INTEGRITY of operations.