Bank of America Called Out on CEO Search
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CHARLOTTE, N.C. (TheStreet) -- A regulatory filing by a Bank of America (BAC Quote) shareholder on Tuesday called into question whether the bank's board is giving enough weight to shareholders' preferences as it goes about selecting a new chief executive.
Finger Investments, which is advocating for an outsider candidate, claims that the search has been "cosmetic, at best," following weeks of speculation about who may succeed current CEO Ken Lewis.
>> Photo Gallery: The Bank of America CEO Contenders
"We have been able to confirm that the board has not even contacted or made serious inquiries much less offers to the most qualified and obvious candidates favored by institutional shareholders," Finger said in the filing Tuesday afternoon. The group went on to suggest that Lewis recuse himself from the selection process. ...
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