* Proxy advisers recommend CEO lose his board seat

* Glass Lewis questions whether Lewis is the right leader

* Merrill says disappointed in investor advisers' reports (Recasts first paragraph; adds details on former Merrill directors nominated for board seats, expert comment)

By Martha Graybow

NEW YORK, April 17 (Reuters) - Two influential investor advisory groups sharply rebuked Bank of America Corp (BAC.N: Quote, Profile, Research) Chief Executive Kenneth Lewis over his handling of the buyout of ailing Merrill Lynch & Co, recommending he be thrown off the the bank's board at its upcoming annual meeting.

The reports from RiskMetrics Group Inc (RMG.N: Quote, Profile, Research) and Glass Lewis & Co on Friday add to pressure on the 40-year Bank of America veteran, who faces widespread investor anger over the bank's stock slide and government bailouts since announcing plans to buy Merrill last September.

Many investors complain the bank did not thoroughly study Merrill's finances before agreeing to buy it in a shotgun merger. They say the bank also failed to disclose details on Merrill's losses in last year's fourth quarter ahead of a shareholder vote on the deal, which closed Jan. 1.

Both advisory groups, whose recommendations are key for many large investors when casting corporate ballots, recommended that shareholders oppose Lewis' re-election as a director -- which would remove him as board chairman.

They also recommended opposing the reappointment of lead outside director O. Temple Sloan and the election of several other board candidates.