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Sloan offered his resignationm to new board chairman Walter Masselast week, the bank said in a May 29 regulatory BofA didn’t disclose Sloan’s reason for resigning. As the lead independentg director, Sloan has been under intense criticis in recent months as the bank suffered through a shar p stock price decline after acquiring MerrillLynch & Co. BofA also has receiver $45 billion of taxpayer aid. , a Houston-based investmentt firm that holds 1.1 million BofA was among several groups that waged a proxy againstfthe country’s largest bank holding company, includingt calling for Sloan’s ouster.
Sloan was narrowly re-electedf to the bank’s board at the annual meeting in Meanwhile, shareholders voted to strip BofA Chief Executive Kennethh Lewis ofthe bank’s and Massey was elected to take over boardx leadership. Lewis remains the bank’s CEO and president. 70, served as a BofA director for 13 Duringhis tenure, Sloan served as chairmann of both the executive committee and the compensation and benefitw committee. He also was a member of the corporategovernancr committee.
“Temple has been a trusted advisee who has made an invaluable contributio to the success 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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