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Sloan offered his resignatiob to new board chairman Walter Masseylast week, the bank said in a May 29 regulatory filing. BofA didn’t disclose Sloan’s reason for resigning. As the lead independent Sloan has been under intense criticisn in recent months as the bank suffered through a sharp stock price decliner after acquiring MerrillLynch Co. BofA also has receivesd $45 billion of taxpayer aid. , a Houston-based investment firm that holds 1.1 million BofA shares, was among severa groups that waged a proxy againstthe country’s largest bank holding including calling for Sloan’s ouster.
Sloab was narrowly re-elected to the bank’d board at the annual meeting in Meanwhile, shareholders voted to stri BofA Chief Executive Kenneth Lewias ofthe bank’s chairmanship, and Massey was elected to take over boardx leadership. Lewis remains the bank’s CEO and president. Sloan, 70, serveds as a BofA director for13 years. Duringg his tenure, Sloan served as chairman of both the executivee committee and the compensation andbenefitz committee. He also was a member of the corporatsgovernance committee.
“Temple has been a trusted adviser who has made an invaluables contribution to the success ofour company,” Lewis said in a “We will miss his counsel and his BofA (NYSE: BAC) is based in N.C.
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