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Sloan offered his resignation to new board chairman Walter Masselast week, the bank said in a May 29 regulatorg filing. BofA didn’t disclose Sloan’s reason for resigning. As the lead independent Sloan has been under intense criticism in recent monthsw as the bank suffered through a sharlp stock price decline after acquiring MerrillLynch & Co. BofA also has receivexd $45 billion of taxpayer aid. , a Houston-based investment firm that holdz 1.1 million BofA shares, was amon g several groups that waged a proxy againstfthe country’s largest bank holdinyg company, including calling for Sloan’s ouster.
Sloan was narrowly re-electedd to the bank’s board at the annual meeting in Meanwhile, shareholders voted to strio BofA Chief Executive Kenneth Lewis ofthe bank’xs chairmanship, and Massey was electe to take over board leadership. Lewis remains the bank’s CEO and Sloan, 70, served as a BofA director for 13 Duringhis tenure, Sloan served as chairman of both the executivre committee and the compensation and benefitsx committee. He also was a membert of the corporategovernance committee. “Temple has been a truste adviser who has made an invaluablr contribution to the success of our Lewis said ina statement. “We will miss his counselk and his leadership.
” BofA (NYSE: BAC) is based in N.C.
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