BofA CEO’s Future Unclear

The fate of embattled Bank of America Corp.'s (BAC) Chief Executive Kenneth Lewis remained a matter of speculation on Wednesday afternoon after the company asked for more time to count the votes from its annual meeting in Charlotte.

Meanwhile, Lewis defended his decisions before shareholders who had criticized the largest U.S. bank’s acquisition of Countrywide Financial Corp. and Merrill Lynch & Co. At the annual meeting, investors voted on a proposal to separate the posts of chairman and CEO at the firm.

"This has been an incredibly difficult and painful year for all of us," Lewis told shareholders, "But we are building this company for the long term." Lewis had earlier indicated that regulators did not allow him to back out of the deal that required $20 billion in federal loans.

Bank of America believes Merrill would help the bank in the long run due to the strength of its financial advisers.

While some investors complained about not being informed about the state of Merrill’s losses, others backed the management for its decisions made during the worst financial downturn since the Great Depression. Some news sources claim that all 18 directors were re-elected to the board by shareholders but the vote tally on Lewis’ chances of reclaiming the chairman's title were too close to call.

Bank of America might release the final results later on Wednesday. Shares of the company were up more than 4% to $8.52 in New York trading.

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