Calls on Board to Work with Shareholders to Name Qualified Successor

WASHINGTON, Sept. 30 /PRNewswire/ -- The following is a statement from CtW Investment Group executive director William Patterson regarding Ken Lewis' announced resignation as CEO of Bank of America (NYSE: BAC).

Ken Lewis's resignation as CEO is the overdue but inevitable result of the overwhelming shareholder opposition registered at Bank of America's 2009 annual meeting. At that meeting, shareholders stripped Lewis of his chairmanship and cast an unambiguous vote of no confidence in his continuing as a director. The onus is now on the board of directors to engage with shareholders to name a successor who can quickly restore the bank's credibility with investors, regulators and Congress.

NOTE: For comment please contact Michael Garland at 202-302-0251 or Michael.garland@changetowin.org. For additional information, visit www.ctwinvestmentgroup.com.

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