Bank of America Corp., the biggest U.S. bank by assets, picked a 16-year board veteran and academic as chairman after shareholders chased Kenneth D. Lewis from the post. It’s still Lewis, the president and chief executive officer, who must calm angry investors.
Walter E. Massey, 71, president-emeritus of Morehouse College in Atlanta, was named to lead the board. Shareholders, riled by Lewis’ handling of the Merrill Lynch & Co. takeover and a 77 percent plunge in the bank’s stock over the past year, voted to install an independent chairman Wednesday at a four-hour annual meeting in Charlotte.
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