Bank of America Called Out on CEO Search

CHARLOTTE, N.C. (TheStreet) -- A regulatory filing by a Bank of America (BAC Quote) shareholder on Tuesday called into question whether the bank's board is giving enough weight to shareholders' preferences as it goes about selecting a new chief executive.

Finger Investments, which is advocating for an outsider candidate, claims that the search has been "cosmetic, at best," following weeks of speculation about who may succeed current CEO Ken Lewis.

>> Photo Gallery: The Bank of America CEO Contenders

"We have been able to confirm that the board has not even contacted or made serious inquiries much less offers to the most qualified and obvious candidates favored by institutional shareholders," Finger said in the filing Tuesday afternoon. The group went on to suggest that Lewis recuse himself from the selection process.

Finger is not the first to claim that BofA is ignoring large shareholders' preferences, though it has been one of the most vocal in calling the board closed-minded. However, BofA spokesman Robert Stickler indicated that the concern is unfounded.

"We are not commenting on speculation," said Stickler. "A number of large shareholders have expressed their opinions supporting both external and internal candidates."

Lewis and the bank face several investigations and lawsuits over the Merrill Lynch acquisition. Two internal candidates -- Chief Risk Officer Greg Curl and Brian Moynihan, head of consumer and small business lending -- appear to be the board's top choices, though Finger and others have said that only an outsider with no links to the deal can successfully lead the bank going forward.