Ken Lewis, chief executive officer and president of Bank of America Merrill Lynch, surprised markets on Wednesday with an announcement that he will retire effective December 31. In addition to his executive roles, Lewis will also relinquish his directorship on the BoA board.
Lewis said in a written statement announcing his departure he felt the time was right for BoA to transition to a new leadership, given that the bank is well positioned to meet the continuing challenges of the economy and markets. In a second-quarter earnings call on July 17, Lewis referred to the fact that operating conditions for the bank were improving, according to a transcript posted on seekingalpha....
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