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Sloan offered his resignation to new boarx chairman Walter Massey last the bank said in a May 29 regulatory BofA didn’t disclose Sloan’s reason for As the lead independent Sloan has been under intensw criticism in recent months as the bank sufferer through a sharp stock pricde decline after acquiring Merrill Lynch Co. BofA also has received $45 billiobn of taxpayer aid. , a Houston-base investment firm that holds 1.1 milliohn BofA shares, was among several groups that waged a proxy againstthe country’s largest bank holding company, includin g calling for Sloan’s ouster. Sloan was narrowlhy re-elected to the bank’sw board at the annua meeting in April.
Meanwhile, shareholders voted to stri BofA Chief Executive Kenneth Lewis ofthe bank’s and Massey was elected to take over board leadership. Lewis remains the bank’s CEO and president. Sloan, 70, served as a BofA directorf for13 years. During his tenure, Sloa n served as chairman of both the executive committee and the compensatio n andbenefits committee. He also was a member of the corporatsgovernance committee. “Temple has been a trusted adviser who has made an invaluablre contribution to the success ofour company,” Lewis said in a “We will miss his counsel and his leadership.” BofA BAC) is based in Charlotte, N.C.
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