One of the largest labour unions in the US is trying to oust Bank of America chief Ken Lewis as part of a campaign to organise tens of thousands of employees across the financial services industry.
The Service Employees International Union, which has 2m members, released a four-minute video on Thursday urging BofA shareholders to "fire Ken Lewis".
The video coincides with a proxy campaign waged by Change To Win, which represents the pension investments of seven unions, including the SEIU, which has called for the removal of Mr Lewis and Temple Sloan, BofA's lead director, at the bank's shareholder meeting April 29.
While labour groups such as the American Federation of State, County and Municipal Employees (Afscme) often submit shareholder proposals to companies deemed to have weak corporate governance policies, the service employees union wants to force BofA to change its fundamental business practices.
Read on.
On a side note: Investors will decide whether to separate Lewis' role as Chairman ofthe board and CEO. Keeping Lewis in both the role as Chairman and CEO gives him far more influence over other directors. However, separating both roles allows the CEO and chairman to focus on their role and performance in the company.
Also this: Is the Citigroup CEO being replaced?
Vikram Pandit, Citigroup's chief executive, will on Tuesday strive to convince investors that the company is on the road to recovery amid fresh questions over his future at the financial group.
Ahead of Citi's annual investor meeting, it has emerged that senior officials at the Federal Deposit Insurance Corporation privately discussed who might replace Mr Pandit if the bank needed more government aid.
Read the whole story: Financial Times
1 comment:
I saw this dude on Busines news PBS tonight and looked like he was in trouble. You could tell from his manner and answers he wouldn't be around mush longer. Now it was President Obama who said it best when I think it was a chair they brought for 6000 dollars and all this money for redesign the office and it was in the millions as they were asking for bailout money. Next the bonus and payout to the dude who was leaving was so big. So much corruption and free spending as if they couldn't be touched. Now they have raised the charge card holders rates to over 35 to 45 per cent without reason even for those who pay on time or in full each month. It's called stealing in your face and what are you going to do about it.
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