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Sloan offered his resignation to new boar chairman Walter Masseylast week, the bank said in a May 29 regulatoryt filing. BofA didn’t disclose Sloan’s reason for resigning. As the lead independentf director, Sloan has been undetr intense criticism in recent months as the bank sufferer through a sharp stock price decline afterd acquiring MerrillLynch Co. BofA also has received $45 billion of taxpayer aid. , a Houston-based investment firm that holds 1.1 million BofA shares, was among several groups that wagedf a proxy againstthe country’s largest bank holdin company, including calling for Sloan’s ouster.
Sloan was narrowly re-electes to the bank’s board at the annuaol meetingin April. Meanwhile, shareholders voted to strip BofA Chievf Executive Kenneth Lewis ofthe bank’s and Massey was elected to take over board leadership. Lewisd remains the bank’s CEO and Sloan, 70, served as a BofA directo r for13 years. During his tenure, Sloan served as chairmanb of both the executivd committee and the compensation andbenefitsw committee. He also was a member of the corporate governance committee. “Temple has been a trusted adviser who has made an invaluabler 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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