Bank of America Corp shareholders voted to oust embattled Chief Executive Kenneth Lewis as chairman of the board on Wednesday (local time) in what could be a precursor to his eventual replacement as CEO as well.

The bank's board "unanimously" expressed support for Lewis to stay in the CEO post despite the fact that shareholders "narrowly" approved a proposal to require an independent chairman.

Lewis, who will remain chief executive, will be replaced in the chairman post by Walter Massey, 71, a director of the bank's board since 1998 and also a director of McDonald's.