Embattled Bank of America CEO Lewis to retire

Bank of America chief executive Kenneth Lewis, at the center of a storm over a government-backed deal to buy Merrill Lynch last year, announced plans to retire December 31.
Lewis, who had lost the post of chairman earlier this year at an angry shareholder meeting, "notified the board of directors of his decision to retire, effective December 31, 2009," the company said in a statement Wednesday.
"The board will continue ongoing planning to ensure his successor is selected by that date. Lewis will retire as CEO and as a director."
Lewis, who heads the largest US banking group by assets, said "Bank of America is well positioned to meet the continuing challenges of the economy and markets.
"I am particularly heartened by the results that are emerging from the decisions and initiatives of the difficult past year-and-a-half," he added.
Lewis had provoked shareholders' anger by acquiring Merrill Lynch without informing them of the investment bank's massive losses.