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Connecticut treasurer: BofA CEO should be kicked off board

NEW YORK (Reuters) - The Connecticut state treasurer told beleaguered Bank of America Corp BAC.N Chief Executive Kenneth Lewis on Tuesday she will be voting against his reelection at the bank's upcoming shareholder meeting.

Denise Nappier, who as state treasurer is the principal fiduciary of the $20 billion Connecticut Retirement Plans and Trust Funds (CRPTF), said in a statement she will vote against Lewis, lead director O. Temple Sloan and chairman of the governance committee Tom Ryan.

Lewis and the Bank of America board he chairs have been under fire from shareholders since the acquisition of Merrill Lynch & Co in January, where soaring losses in the fourth quarter led the bank to take an additional $20 billion in taxpayer funds from the U.S. government.

“Investors have lost confidence in CEO Ken Lewis and the board of directors,” said Nappier.

The CRPTF owns 3.2 million shares of Bank of America.

Other shareholders including Jonathan Finger and his father -- who sold Charter Bancshares Inc to Bank of America predecessor NationsBank in 1996 -- have called for Bank of America to split the chief executive and board chairman roles.

Reporting by Elinor Comlay, editing by Gerald E. McCormick

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