Ken Lewis Ousted as BofA's Chairman, Replaced by Walter Massey

Kenneth “Ken” Lewis has been replaced by Dr. Walter E. Massey as Chairman of the Board at Bank of America on Wednesday. Lewis will remain the company’s president and CEO.

After months of criticism, Massey, who has served as director for Bank of America since 1998, was voted as the new Chairman of the Board on Wednesday. The vote took place at BofA’s annual shareholders meeting, which attracted about 2,000 people, three-times the amount of last year’s meeting.

All 18 directors were voted in by what BofA characterized as "comfortable margins." Seven other proposals were rejected.

Shareholders were at arms with Lewis after Bank of America, the nation’s largest bank, made risky purchases of Countrywide Financial Corp. and Merrill Lynch.

Since becoming chief executive in 2001, Lewis has spent well over $100 billion on big acquisitions including Merrill, FleetBoston Financial Corp, credit card issuer MBNA Corp, and, last July, mortgage lender Countrywide Financial.

Prior to this position, Massey served as president of Morehouse College (1996-2007), Provost and Vice President for Academic Affairs at the University of California System (1993-95), and was appointed by President George H.W. Bush to direct the National Science Foundation.

He also served as director of Argonne National Laboratory from 1979 to 1984, as the University of Chicago's Vice President for Research, including that at Argonne, from 1984 to 1991, and is also a founding Chair of the University of Chicago Development Corp. from 1986 to 1991

Along with BofA, Massey has sits or has sat on the boards of McDonald’s, BP Oil and Motorola. He received his B.S. in Mathematics and Physics from Morehouse College in 1958 and his M.S. and Ph.D. in Physics from Washington University in St. Louis in 1966.

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