WSJ: Gov't Pressuring Bank Of America Board Change

News that BofA would revamp its board came just a little over a week after a shareholder revolt stripped Chief Executive Ken Lewis of his chairman title. To help with the director search process, the bank said last week it had established a committee, led by its new chairman Walter Massey. Massey, president emeritus of Morehouse College in Atlanta, was elected by Bank of America's board to replace Lewis as chairman.

The Journal, which reported that the government was in favor of the committee's creation, also said officials suggested that independent directors lead the search. It also suggested that the board needed more directors with banking experience, the Journal said.

Charlotte, N.C.-based Bank of America lists 18 directors on its board. It remains unclear how many directors could be affected or who might step down.

Any board changes could affect how long Lewis remains in his job.

Lewis has said he plans to remain as CEO to help the bank navigate raising the required cash to meet the government's stress-test results — an additional $33.9 billion in capital — and repay $45 billion in federal funds it has received since October. He has said he is likely to step down as CEO by the time he turns 65 in three years — the traditional retirement age for executives at the bank.