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 Bank of America Corp. (NYSE:BAC)
shareholders such as Jerry Finger and Jonathan Finger of Finger Interests Number One Ltd. think it is about time the government put pressure on the bank to replace its board.Jonathan Finger wrote in an e-mail: "The pressure that the government is applying is consistent with our position that significant restructuring is needed in the corporate governance and supervision of the operations at Bank of America. We believe these are actions that the board should have taken on their own -- without any government pressure. We are certainly encouraged by the concurrent actions of the government and new Chairman, and believe benefits will accrue to customers, employees and certainly to shareholders over the long term. We hope this will further focus the board on its duties to shareholders and employees." In a follow-up conversation, I inquired about what the Fingers thought of BofA chairman Walter Massey, who took the helm in late April after shareholders voted to separate Ken Lewis' roles as CEO and chair. However, Massey must step down next year because the board's mandatory retirement age is 72. Jerry Finger said: "I hope that the board will continue to act in the best interests of the customers, employees and shareholders in accordance with its legal and moral responsibilities. I hope that the present chairman will fulfill his duties as a truly independent leader of the board. I think the board will be careful about the future decisions that they make." Jonathan Finger added, "While I think Dr. Massey was selected as chairman as an intermediate solution, I do not think that will limit his ability to be effective. And at the same time, this buys the board more time to find a longer-term solution to the leadership questions facing Bank of America. " For shareholder CtW Investment Group's reaction, check out our earlier story. Also, see a related story about BofA chairman emeritus Charles Gifford. - Maria Woehr
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