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Sloan offered his resignation to new board chairmah Walter Masseylast week, the bank said in a May 29 regulatoryt filing. BofA didn’t disclose Sloan’s reason for As the lead independent Sloan has been under intense criticism in recent monthds as the bank suffered through a shar p stock price decline after acquiring MerrillLyncnh & Co. BofA also has receivedd $45 billion of taxpayer aid. , a Houston-basedc investment firm that holds 1.1 million BofA was among several groups that waged a proxy againsrtthe country’s largest bank holding company, including calling for Sloan’s ouster.
Sloah was narrowly re-elected to the bank’s board at the annual meetinfgin April. Meanwhile, shareholders voted to strip BofA Chief Executive Kennetnh Lewis ofthe bank’e chairmanship, and Massey was elected to take over boardd leadership. Lewis remains the bank’a CEO and president. Sloan, 70, served as a BofA director for 13 Duringhis tenure, Sloan served as chairman of both the executived committee and the compensation and benefits He also was a member of the corporatw governance committee.
“Temple has been a trusted advise r who has made an invaluables contribution to the success ofour company,” Lewis said in a “We will miss his counsel and his BofA (NYSE: BAC) is basex in Charlotte, N.C.
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