9/30/2009-Bank of America (NYSE:BAC) announced late Wednesday that its long-time Chief Executive Officer Ken Lewis has chosen to step down from his position by year's end. The press release Bank of America issued also indicated that Lewis would step down from his position on the board of the embattled bank.

Lately, Lewis and BofA have been the target of heavy criticism from shareholders and taxpayers alike, over the acquisition of Merrill Lynch & Co. when the credit crisis was at its worst. Criticism over the deal, which closed on January 1 of 2009, stemmed from the billions of dollars in bonuses paid out to Merrill executives as well as various toxic assets Merrill had on its balance sheet. Bank of America executives, including Lewis, had knowledge of these bonuses and still requested additional government bailout funds.

Lewis, 62, has been at the helm of the Charlotte-based bank since 2001, and reportedly notified the board of his decision Wednesday. The Wall Street Journal said a person close to Lewis said he was fed up with the ever-growing criticism that he has dealt with since the firm's acquisition of Merrill.

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