CHARLOTTE, N.C. (AP) - CtW Investment Group is asking Bank of America's board to fire chairman and chief Executive Ken Lewis over missteps regarding its Merrill Lynch acquisition and a plummeting share price.
The activist investor group told Bank of America's board in a letter Thursday that if the bank does not remove Lewis, it will petition shareholders to vote against his re-election at Bank of America's annual meeting in April.
Calls to a Bank of America spokesman were not immediately returned.
The Charlotte, N.C.-based bank's shares have been among the hardest hit among financial companies. The company has lost more than 74 percent of its value since it closed on its acquisition of investment bank Merrill Lynch at the beginning of the year. The stock is down nearly 90 percent from a year ago.