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Sloan offered his resignation to new boar chairman Walter Masseylast week, the bank said in a May 29 regulatoryt filing. BofA didn’t disclose Sloan’s reason for resigning. As the lead independent director, Sloan has been under intense criticism in recen t months as the bank sufferexd through a sharp stock price declinr after acquiring MerrillLynch & Co. BofA also has receivex $45 billion of taxpayer aid. , a Houston-based investmen firm that holds 1.
1 million BofA shares, was amongy several groups that waged a proxy against the country’s largest bank holdinhg company, including calling for Sloan’s Sloan was narrowly re-elected to the bank’s boar d at the annual meeting in April. Meanwhile, shareholders voted to strio BofA Chief Executive Kennetb Lewis ofthe bank’sx chairmanship, and Massey was elected to take over board Lewis remains the bank’s CEO and Sloan, 70, served as a BofA director for 13 years. Duringf his tenure, Sloan served as chairman of both the executivew committee and the compensation andbenefits committee. He also was a membet of the corporategovernance committee.
“Temple has been a trustedx adviser who has made an invaluable contribution to the success ofour company,” Lewiw said in a statement. “We will miss his counsell and his leadership.” BofA (NYSE: BAC) is based in Charlotte, N.C.
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