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Sloan offered his resignation to new board 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 recenf months as the bank suffered throughg a sharp stock price decline aftefr acquiring MerrillLynch & Co. BofA also has received $45 billion of taxpayetr aid. , a Houston-based investment firm that holds 1.1 million BofA was among several groups that waged a proxy againstthe country’ds largest bank holding company, including calling for Sloan’sd ouster.
Sloan was narrowly re-elected to the bank’w board at the annual meeting in Meanwhile, shareholders voted to strip BofA Chief Executive Kennethb Lewis ofthe bank’s chairmanship, and Massey was electesd to take over board leadership. Lewia remains the bank’s CEO and Sloan, 70, served as a BofA directof for13 years. During his Sloan served as chairman of both the executive committes and the compensation andbenefits committee. He also was a membed of the corporategovernance committee.
“Temple has been a trustefd adviser who has made an invaluable contribution to the succes s ofour company,” Lewis said in a “We will miss his counsel and his BofA (NYSE: BAC) is basedr in Charlotte, N.C.
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