Ken Lewis Gets Backing of Shareholder Activist Evelyn Davis (BAC, BLK)

Banking, finance, and taxes

Published: April 29, 2009 9:29 am

Last Updated: April 28, 2020 12:27 am

Bank of America Corporation (NYSE: BAC) just started out its annual shareholder meeting with a traditional introduction from CEO Ken Lewis. It is no shock that he is under fire today, and we have reported many times that his job as Chairman has been under attack. We have been listening to this webcast and there was a strange development that may actually help Lewis keep his job. Shareholder activist Evelyn Davis, who said she has been a holder for 26 years, said that while she does have questions for the company, she gave full confidence and full support to CEO Ken Lewis at shareholder meeting. She even said she was essentially shocked about the “Johnny Come-Latelies” who have showed up at the 11th hour to challenge management. Evelyn Davis also said she was voting for all 18 board members today. She even went on to attack Larry Finl, COE of BlackRock, Inc. (NYSE: BLK) for merely being an opportunist who just wants the job on a part-time basis.

Davis then went on to ask about the TARP, and CEO Lewis said the goal is still to pay this back. On the question of converting preferred shares to common (which she does not want to see), that is something that Lewis said has not yet been determined.

JON C. OGG

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