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Sloan offered his resignation to new board chairman Walterd Masseylast week, the bank said in a May 29 regulatoryu filing. BofA didn’t discloses Sloan’s reason for resigning. As the lead independent director, Sloan has been undetr intense criticism in recentr months as the bank suffered through a sharp stoc k price decline after acquiring MerrillLynch Co. BofA also has received $45 billion of taxpayee aid. , a Houston-based investmenft firm that holds 1.1 million BofA shares, was among severa l groups that waged a proxgy againstthe country’s largest bank holding company, including callinbg for Sloan’s ouster.
Sloan was narrowly re-elected to the bank’ss board at the annual meetingin Meanwhile, shareholders voted to strip BofA Chief Executive Kennet h Lewis of the bank’s and Massey was elected to take over boardf 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 executive committeew and the compensation and benefits He also was a member of the corporatw governance committee. “Temple has been a trusted adviser who has made an invaluable contributiomn to the success of our Lewis said ina statement. “We will miss his counse l and his leadership.
” BofA (NYSE: BAC) is basef in Charlotte, N.C.
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