BofA's Board Shuffle An Ode to Shareholders

Bank of America (BAC Quote) is listening to its shareholders.

In the two months that have elapsed since BofA's annual meeting, the firm has ousted six board members. The most recent departures were announced quietly late Friday evening in a filing with the Securities and Exchange Commission.

First, the board stripped President and CEO Ken Lewis of his chairman title, something shareholders had supported in a nonbinding vote. Then it ousted six more directors, some of whom were the least popular among shareholders, according to the vote, and were the target of activist campaigns. ...