Ken Lewis: Grizzled, Frazzled And Soon Gone

[Crewleader]

Liz Moyer, 09.30.09, 09:15 PM EDT

Fatigue, distraction of media and regulatory grilling lead Bank of America CEO to call it quits.

Bank of America Chief Executive Kenneth D. Lewis returned earlier this month from his annual vacation retreat in Aspen, Colo., sporting a full salt-and-pepper beard, an image that jolted subordinates and led many to suspect something was afoot.

The normally clean cut, buttoned-down banker, who spent his entire 41-year career at the Charlotte, N.C.-based bank, has been dogged by regulatory and congressional probes, battered by critics questioning his leadership after taking $45 billion in government money under the Troubled Asset Relief Program and the controversial acquisition of Merrill Lynch, and frustrated by a consistently poor public perception of the bank's prospects.

The uncharacteristic beard was gone the next day. But last week he told lead director Walter Massey of his plans to retire at year end, 18 months earlier than expected, at the age of 62. Though it had consistently backed him even through a tumultuous last few months, on Wednesday at 5 p.m., the board approved the request during a special meeting.

http://www.forbes.com/2009/09/30/ken-lewis-bofa-business-wall-street-merrill.html