Today’s the day when Bank of America (BAC) shareholders can give Ken Lewis an earful and (possibly) strip him of his chairmanship.
We’ve been figuring that in all likelihood the odds were in his favour, that when the rank-and-file would vote, they’d be supportive of management, and that they’d outweigh the angry little guys, pension funds and activist investors. But maybe not.
WSJ says it’s too close to call:
As of Tuesday, with about 75% of the shares outstanding counted, slightly more than 50% favoured splitting the chairman and CEO positions.
“When the sun comes up on Thursday morning, we expect he will be CEO, a director and we hope chairman,” said bank spokesman Robert Stickler. “That remains to be seen.”
The company may try to spin it, but if he is stripped of his chairmanship, it’ll be a humiliating blow for the man who built the company into what it is today. His reign as CEO would likely not last too much longer.