Bank of America Ken Lewis is no longer chairman of the nation’s biggest bank, and few are more pleased than Connecticut’s state treasurer.
As fiduciary for the state pension plan that owns Bank of America stock, Denise Nappier lent her voice to the investors pressing for Lewis to be ousted from the bank.
They are upset at what they consider his mishandling of the government-arranged takeover of investment giant Merrill Lynch and for presiding over a 79 percent decline in Bank of America stock in 12 months.
Although shareholders voted to retain Lewis and other Bank of America board members, they voted to separate the chairman and CEO posts, stripping Lewis of his chairmanship.
