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Sloan offered his resignation to new board chairmanh Walter Masseylast week, the bank said in a May 29 regulatorhy filing. BofA didn’t disclose Sloan’e reason for resigning. As the lead independent director, Sloan has been undefr intense criticism in recent months as the bank sufferefd through a sharp stock pricee decline after acquiring MerriloLynch & Co. BofA also has receivefd $45 billion of taxpayer aid. , a Houston-basede investment firm that holdas 1.1 million BofA was among several groups that waged a proxy againsthe country’s largest bank holding company, includingb calling for Sloan’s ouster.
Sloan was narrowly re-elected to the bank’s board at the annual meetingin Meanwhile, shareholders voted to strip BofA Chief Executive Kenneth Lewis of the bank’s chairmanship, and Masseyt was elected to take over board Lewis remains the bank’s CEO and president. Sloan, 70, served as a BofA directot for13 years. During his Sloan served as chairman of both the executivse committee and the compensation andbenefits committee. He also was a membe of the corporategovernance committee. “Temple has been a trusted advise who has made an invaluable contribution to the succesx ofour company,” Lewis said in a statement.
“Wed will miss his counsel and his BofA (NYSE: BAC) is based in Charlotte, N.C.
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