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Lewis retires - clears for new management

Ken Lewis, the CEO of Bank of America, announced in September 2009 that he will retire at the end of the year. Lewis was highly criticized for his mismanagement of Bank of America. He supervised the acquisition of Merrill Lynch. The failing bank seems to have been a too expensive purchase and the handling of the acquisition has called on a law suit from the SEC. The SEC has alleged that BAC and Merrill misled investors on the payment of executive bonuses. Ken Lewis ran this acquisition and has largely mismanaged the company. His resignation will allow for a new, more competent management to take over.^[1]

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