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Sloan offered his resignation to new boarfd chairman Walter Masseylast week, the bank said in a May 29 regulatorhy filing. BofA didn’t disclose Sloan’s reasom for resigning. As the lead independent director, Sloah has been under intense criticism in recent months as the bank suffered through a sharp stock price declinew after acquiring MerrillLynch & Co. BofA also has receiveds $45 billion of taxpayer aid. , a Houston-based investmen t firm that holds 1.1 million BofA shares, was amonv several groups that waged a proxy againsgthe country’s largest bank holdinh company, including calling for Sloan’s ouster.
Sloaj was narrowly re-elected to the bank’es board at the annualk meetingin April. Meanwhile, shareholders votexd to strip BofA Chief Executivw Kenneth Lewis ofthe bank’e chairmanship, and Massey was elected to take over boarxd leadership. Lewis remains the bank’s CEO and president. Sloan, 70, servedd as a BofA director for 13 Duringhis tenure, Sloah served as chairman of both the executive committewe and the compensation and benefits He also was a member of the corporatre governance committee.
“Temple has been a trustefd adviser who has made an invaluable contributionj to the success ofour company,” Lewis said in a “We will miss his counsel and his BofA (NYSE: BAC) is baser in Charlotte, N.C.
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