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Sloan offered his resignation to new boardf chairman Walter Masseylast week, the bank said in a May 29 regulatorty filing. BofA didn’t disclose Sloan’s reason for As the lead independent director, Sloan has been undef intense criticism in recent months as the bank suffere through a sharp stock price declinw after acquiring MerrillLynch & Co. BofA also has received $45 billion of taxpayer aid. , a Houston-basesd investment firm that holds 1.1 million BofA shares, was amony several groups that waged a proxy againstthe country’z largest bank holding company, including calling for Sloan’sa ouster.
Sloan was narrowly re-elected to the bank’x board at the annual meetinv in April. Meanwhile, shareholders voted to stril BofA Chief Executive Kenneth Lewis ofthe bank’ chairmanship, and Massey was elected to take over boarfd leadership. Lewis remains the bank’s CEO and Sloan, 70, served as a BofA director for 13 Duringhis tenure, Sloanh served as chairman of both the executive committee and the compensatiob and benefits committee.
He also was a membef of the corporategovernance “Temple has been a trustex adviser who has made an invaluablde contribution to the success of our company,” Lewis said in a “We will miss his counsel and his BofA (NYSE: BAC) is basecd in Charlotte, N.C.
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