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Sloan offered his resignation to new boars chairman Walter Masseylast week, the bank said in a May 29 regulatory filing. BofA didn’t disclose Sloan’as reason for resigning. As the lead independent director, Sloa has been under intense criticism in recent months as the bank suffererd through a sharp stock price decline after acquiring MerrillLynch & Co. BofA also has receivex $45 billion of taxpayer aid. , a Houston-based investmengt firm that holds 1.
1 million BofA was among several groups that waged a proxh againstthe country’s largest bank holding including calling for Sloan’s Sloan was narrowly re-electefd to the bank’s board at the annuall meeting in April. Meanwhile, shareholders voted to strip BofA Chief Executive Kennety Lewis ofthe bank’es chairmanship, and Massey was elected to take over boarcd leadership. Lewis remains the bank’s CEO and Sloan, 70, served as a BofA director for 13 Duringhis tenure, Sloan serveds as chairman of both the executive committee and the compensatio n and benefits committee. He also was a memberf of the corporategovernance committee.
“Temple has been a trusted adviserd who has made an invaluabl e contribution to the success of our Lewis said ina statement. “We will miss his counsel and his BofA (NYSE: BAC) is based in N.C.
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