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Next Bank of America CEO must rebuild firm’s image

Ken Lewis’ legacy as CEO of Bank of America Corp. will likely be determined by whether his successor can do what Lewis couldn’t: prove that the bank’s messy acquisition of Merrill Lynch & Co. was worth the money.

Bank of America said late Wednesday that Lewis, 62, will leave the company at year’s end, a decision the bank said Lewis reached on his own. The move capped nearly a year of turmoil for the embattled CEO, who has endured withering attacks for his handling of the Merrill deal and is entangled in several state and federal probes into whether he and other bank executives misled shareholders by allowing the payment of billions of dollars in bonuses to Merrill employees.

The company did not announce a successor, saying one would be selected by the time Lewis steps down Dec. 31.

original post: Yahoo Finance

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