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Walter Massey

Walter Massey

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Kenneth Lewis has been replaced as chairman of the board at Bank of America Corp.The company announced the move Wednesday evening.

The change follows the bank's annual meeting where shareholders voted 50.3 percent in favor of a resolution to separate the roles of chairman of the board and CEO.

Lewis had held both positions.The board appointed Walter Massey as the new chairman.

Massey has been a director for the bank since 1998 and is a member of its audit committee.

He also is a director at McDonald's Corp.

(NYSE:MCD).Lewis will remain as the company's CEO after the board unanimously backed him Wednesday afternoon.

He also maintains his seat on the board.Lewis has come under tremendous fire from investors who are angered by the bank's acquisition of Merrill Lynch & Co.

The Charlotte, N.C.-based bank discovered massive losses at Merrill at the end of 2008 but quietly completed the deal under pressure from the government.When it reported fourth-quarter earnings, the bank announced that Merrill's losses for the period were more than $15 billion and that it was taking an additional $20 billion in capital from the Treasury, which had agreed to cover losses on $118 billion in toxic assets at Merrill and the bank.

The government has invested a total of $45 billion of capital into Bank of America (NYSE:BAC).
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