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BoA Boots Chairman

Recent executive appointments and activity

April 29, 2009

By MortgageDaily.com staff


Shareholders of Bank of America Corp. have stripped the company's chief executive officer of his chairman title. But up the coast from BoA, shareholders at another bank holding company voted to let their CEO continue to serve as chairman, while several senior executives were named at other mortgage-related companies.

BoA shareholders narrowly approved a proposal to require an independent chairman. As a result, Kenneth D. Lewis will lose his title of chairman, though he'll remain on as president and CEO, according to a statement today from the Charlotte, N.C.-based company.

The vote reflected bitter sentiment over BoA's acquisition of troubled Merrill Lynch & Co.

"Let me acknowledge that 2008 was a very difficult year for the economy, for the financial services industry and for our company in particular," Lewis reportedly told shareholders. "Our company's shareholders have carried a heavy burden recently."

The board of directors elected Dr. Walter E. Massey as the new chairman.

Massey has been on BoA's board since 1998 and was a director at BankAmerica Corp. for the five years before that. In addition, he is a board member at McDonald's Corp. He is also president emeritus at Morehouse College in Atlanta, where he served as president from 1995 to 2007.

Massey earned a bachelor of science in physics and mathematics in 1958 from Morehouse, and received his master's and doctorate in physics in 1966 from Washington University in St. Louis, Mo. He was appointed director of the National Science Foundation by President George H.W. Bush.

In New York, shareholders of Morgan Stanley voted to let John Mack maintain his dual roles as chairman and CEO, according to published reports. Following the turmoil in the financial markets last year, Morgan Stanley improved its access to capital by converting to a bank holding company.

StoneWater Mortgage Corp. confirmed in an April 23 statement that its president, Karl F.W. Young, and several other senior executives would step down. The group are defendants in a lawsuit tied to their former company, First Magnus Financial Corp. -- which failed in August 2007.

The restructuring will enable the executives to focus on defending themselves in the $1 billion lawsuit, while StoneWater can focus on originating new business.

MorCap Financial Group LLC, which trades distressed residential assets, said last week that Russ Colvin was named president and CEO. Colvin will oversee a $1 billion deployment of capital for real estate owned assets.

CitiMortgage hired Harold Lewis to oversee the Citi Homeowner Assistance Program, the company said in an April 20 statement. Lewis, who previously spent seven years at Fannie Mae, also "worked closely with the Obama Administration to develop and provide guidance on the Administration's 'Making Home Affordable' programs." He started his new job on Monday.

Terry L. Akins was named senior executive vice president and chief credit officer of IBERIABANK Corp., a statement last week said. Market capitalization at the Lafayette, La.-based institution is around $800 million.

Thomas N. Gilmartin was hired as executive vice president and chief lending officer of Madison National Bank, a news release yesterday said. Madison reports $279 million in assets as of March 31.

Federal Housing Finance Director James B. Lockhart issued a statement last week in appreciation of the return of former Freddie Mac CEO David Moffett to assist the secondary lender with the preparation of financial statements following the suicide of chief financial officer David Kellermann. Moffett quit as CEO last month, just six months after being appointed to the job.

Cross-town rival Fannie appointed Timothy J. Mayopoulos EVP, general counsel and corporate secretary, an April 21 news release said. In addition, Edward G. Watson was named EVP of operations and technology, and Kenneth J. Phelan was appointed EVP of enterprise risk management.

Howard Bascom was elected president of the Bankers' Association for Finance and Trade, an announcement today from the American Bankers Association said. Bascom is managing director of global trade finance and credit services for The Bank of New York Mellon.

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