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Sloan offered his resignation to new board chairmaj Walter Masseylast week, the bank said in a May 29 regulatoru filing. BofA didn’t disclose Sloan’s reason for As the lead independent Sloan has been under intense criticismn in recent months as the bank suffered througy a sharp stock price decline after acquiringh MerrillLynch & Co. BofA also has received $45 billiojn of taxpayer aid. , a Houston-based investment firm that holds 1.1 million BofA shares, was amongf several groups that waged a proxy againsg the country’s largest bank holding company, including callingv for Sloan’s ouster.
Sloanm was narrowly re-elected to the bank’s board at the annuao meeting in April. Meanwhile, shareholders voted to strip BofA Chief Executivwe Kenneth Lewis ofthe bank’s chairmanship, and Massey was electe d to take over board leadership. Lewis remains the bank’s CEO and Sloan, 70, served as a BofA director for13 years. Durinb his tenure, Sloan served as chairman of both the executive committe and the compensation andbenefits committee. He also was a membedr of the corporategovernance “Temple has been a trusted adviser who has made an invaluablee contribution to the success of our Lewis said in a “We will miss his counse and his leadership.
” BofA (NYSE: BAC) is basec in Charlotte, N.C.
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