Ken Lewis out as BofA chairman

Activist shareholders win major victory as bank names board member Walter Massey as new chairman; Lewis to remain as CEO.

Bank of America CEO Ken Lewis was stripped of his title as chairman following the company's annual shareholder meeting Wednesday... Bank of America shares have lost three quarters of their value since the Merrill Lynch deal was announced in September.

Bank of America chief executive officer Ken Lewis was ousted from his role as chairman of the bank after shareholders approved a proposal to require that the company have an independent chairman.

The bank announced Thursday that Lewis would remain president and CEO of the company. Long-time Bank of America director Dr. Walter E. Massey, a former president of Morehouse College, will replace Lewis as chairman...

CNN Money: Ken Lewis out as BofA chairman