Ken Lewis Was Removed As Chairman of Bank of America (BAC)

Bank of America (NYSE: BAC) shareholders narrowly approved a change to the company's by-laws to require an independent chairman. As a result, Kenneth Lewis was replaced as Chairman, although he will remain as president and chief executive officer.

Lewis will be replaced as Chairman by Dr. Walter E. Massey. Massey is president emeritus at Morehouse College in Atlanta. He served as president of Morehouse from August 1995 to June 2007. He has been a director of the board since 1998 and is a member of the board's Audit Committee.

Bank of America also announced that all 18 directors were elected to the board by comfortable margins.

Seven other shareholder proposals were not approved.

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