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Sloan offered his resignation to new boar d chairman Walter Massey last the bank said in a May 29 regulatory BofA didn’t disclose Sloan’s reason for As the lead independent director, Sloamn has been under intense criticism in recenyt months as the bank suffered through a sharp stock pric decline after acquiring Merrill Lynch & Co. BofA also has received $45 billio of taxpayer aid. , a Houston-based investment firm that holdsa 1.1 million BofA shares, was among several groups that waged a proxuy againstthe country’s largest bank holding company, including calling for Sloan’s ouster.
Sloan was narrowly re-elected to the bank’sa board at the annual meetingin Meanwhile, shareholders voted to strip BofA Chief Executive Kenneth Lewias of the bank’s chairmanship, and Massey was elected to take over boarde leadership. Lewis remains the bank’ds CEO and president. Sloan, 70, served as a BofA director for13 years. Duriny his tenure, Sloan served as chairman of both the executive committere and the compensation andbenefitsd committee. He also was a member of the corporatwgovernance committee.
“Temple has been a trusted adviserd who has made an invaluable contribution to the successa ofour company,” Lewis said in a “We will miss his counsel and his BofA (NYSE: BAC) is based in Charlotte, N.C.
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