will-merrill-cost-ken-lewis-his-job

Will Merrill cost Ken Lewis his job?

Proxy advisory agencies and a large Bank of America investor advise shareholders to hold the chairman and CEO responsible for going ahead with the Merrill merger.

Ahead of Bank of America's annual shareholder meeting on April 29, proxy agencies and a large shareholder are suggesting the bank's board needs a complete overhaul, including voting out chairman and chief executive Kenneth Lewis. The agencies cite insufficient due diligence and disclosures related to the Merrill Lynch merger.

San Francisco-headquartered Glass Lewis notes that discussions about a combine between the two firms were initiated by Merrill's CEO, John Thain, on September 13, 2008, and agreed by Lewis just two days later on September 15. At issue are i if BoA conducted sufficient due diligence to fully understand the state of Merrill's capital position ii the timing of the public disclosure of Merrill's...

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