Ken Lewis, Chief Executive Officer and President, announced recently that he has notified the Board of Directors of his decision to retire, effective December 31, 2009. The Board will continue ongoing planning to ensure his successor is selected by that date. Lewis will retire as CEO and as a director. "Ken Lewis was a key architect in building a truly global financial franchise," said Walter E. Massey, Chairman of the Board of Directors. "We are on a solid path to the future. The board will be moving in a deliberate and expeditious manner to select a worthy successor to Ken Lewis." Ken Lewis will conclude forty years with Bank of America (NYSE:BAC) December 31, 2009.
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"Bank of America (NYSE:BAC) is well positioned to meet the continuing challenges of the economy and markets," said Lewis. "I am particularly heartened by the results that are emerging from the decisions and initiatives of the difficult past year-and-a-half." "The Merrill Lynch and Countrywide integrations are on track and returning value already," Lewis noted. "Our board of directors and our senior management include more talent, and more diversity of talent, than at any time in this company's history. We are in position to begin to repay the federal government's TARP investments. For these reasons, I decided now is the time to begin to transition to the next generation of leadership at Bank of America (NYSE:BAC)." Bank of America (NYSE:BAC) provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,500 ATMs and award-winning online banking with 29 million active users. Bank of America (NYSE:BAC) is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America (NYSE:BAC) offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services.
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