Huffington Post:
The huge California Public Employees' Retirement System, or CalPERS, will vote against the re-election of Bank of America CEO Ken Lewis tomorrow at the bank's annual shareholder meeting.
The news, announced in a press release on CalPERS' web site, is a major blow to the already-beleaguered Lewis.
CalPERS, with more than 1.6 million benefit recipients, is the country's largest public pension fund. The fund, which has $176 billion in assets and owns 22.7 million shares in BofA, says it will also vote against the other 17 board members seeking re-election.
This is the first major shareholder to say it will vote against all 18 of the board members. Other firms, including ratings agency Egan-Jones, has called for the ouster of Lewis and some of the other board members.
1 comment:
Looks like Lewis will soon know what it's like to be unemployed. This is what happens when you lie, cheat and steal.
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