CHARLOTTE, N.C. (AP) -- Ken Lewis is keeping his seat on the Bank of America Corp. board, but his job title is less certain.
Shareholders at Bank of America's annual meeting Wednesday voted to re-elect the bank's entire 18-member board including Lewis, according to a person with knowledge of the vote tally who spoke on condition of anonymity because he was not authorized to disclose the results. But executives said at the nearly four-hour meeting they needed more time to count the ballots for the 11 proposals that were put to a vote -- including a shareholder proposal to strip Lewis of his chairman's title, leaving him with just the CEO's job.
It was likely that the vote on that proposal was close, and industry analysts saw this as a sign that Lewis has lost support following the Jan. 1 acquisition of troubled Merrill Lynch & Co.
"In effect, it's a vote of confidence against him," banking industry consultant Bert Ely said of Lewis. Even the possibility that the vote is so close that ballots are still being tallied is a sign of unrest among investors, he said.
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