What to make of the Bank of America board?

July 2, 2009 | By Jim Kim

The Bank of America board is morphing. Ken Lewis was stripped of his chairman title, making way for Walter Massey. Several old-guard directors have transitioned off. But one commentator on TheStreet.com suggests that more big changes may be in store and that Lewis will step down as CEO sometime between September and February. That's quite a prediction.

Some of this depends perhaps on the proposals to grant shareholders direct access to the proxy go through, as many expect. A new slate of directors may prod other old-guard directors to step down. "Why would you stick around and go through that public humiliation? Better to leave now on your own terms." Massey seems to be a short-timer as chairman. He's 71 and the board has a mandatory retirement age of 72. We'll have to see how he works the board between now and retirement. So what do you think? Will we ever have a truly independent Bank of America board?

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