Bank of America seeks new board members

CHARLOTTE, N.C. -- Bank of America Corp. is looking for new directors following a shareholder revolt that stripped Chief Executive Ken Lewis of his chairman's title, the bank said during a conference call Thursday discussing the government's stress tests results.

The Charlotte N.C.-based bank has approached executive search firms about finding new directors. It's unclear how many directors could be affected or who might step down, Walter Massey, the bank's new chairman, said during the call.

The company lists 18 directors on its board, but the targets of the potential shuffle are unclear.

The search comes as the bank deals with angry shareholders who on April 29 voted to strip Chief Executive Ken Lewis of his chairman's title over his decision to buy Merrill Lynch & Co., which has cost the bank billions in losses. Lewis has said he was pressured by the government to go forward with the deal.

Massey, president emeritus of Morehouse College in Atlanta, was elected by Bank of America's board to replace Lewis, who was unanimously voted by the board to remain as CEO.

Shareholders have also pressed for Lewis' complete removal, leaving many people wondering how long he can hold on to his role as CEO of the largest U.S. bank. Lewis has vowed to remain in his post to guide the bank through the current economic crisis.

After the acquisition deal was sealed Jan. 1, it was disclosed that Merrill Lynch reported $15 billion in fourth-quarter losses and paid out millions in bonuses to employees.

Bank of America shares have lost more than a third of their value this year. The government's long-awaited "stress-test" results, announced Thursday, show that of the 10 banks that need to raise more capital, Bank of America needs by far the most: $33.9 billion.

Lewis said he is "comfortable" with his bank's current capital position and that any capital-raising efforts wouldn't require any new government money.

Shares advanced 82 cents, or 6.5 percent, to close at $13.51 and jumped more than 9 percent after-hours to $14.78.