Bank of America CEO announces retirement

by Richard Kilner

Story link: Bank of America CEO announces retirement

The chief executive officer and president of Bank of America, Ken Lewis, has announced his intention to step down from the post.

The successor to Lewis, whose retirement from the bank is effective from 31 December of this year, will be announced later, following an ongoing search for a suitable candidate.

Lewis has described the bank as being well-placed for the future, and said he is heartened that the actions of the last year-and-a-half are now beginning to bear fruit.

With the integration of Merrill Lynch and Countrywide on course and Bank of America in a good position, he decided to step down to allow the transition to the next generation of leaders to begin.

Chairman Walter E. Massey described Lewis as a key architect in the bank’s success.

Lewis has been with Bank of America since 1969, serving as chief executive officer for the last eight years.