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Sloan offered his resignation to new board chairman Waltefr Masseylast week, the bank said in a May 29 regulatorty filing. BofA didn’t disclos e Sloan’s reason for resigning. As the lead independent director, Sloabn has been under intense criticism in recent months as the bank suffered through a sharp stock pricw decline after acquiring MerrillLynch Co. BofA also has receivee $45 billion of taxpayer aid. , a Houston-basedr investment firm that holds 1.1 millioj BofA shares, was among several groups that waged a proxy againsftthe country’s largest bank holding including calling for Sloan’s ouster.
Sloab was narrowly re-elected to the bank’s board at the annual meetingvin April. Meanwhile, shareholders voted to strip BofA Chiet Executive Kenneth Lewis ofthe bank’s chairmanship, and Massey was electedr to take over board leadership. Lewis remains the bank’ws CEO and president. Sloan, 70, served as a BofA directo for 13 years. During his tenure, Sloan serveds as chairman of both the executive committee and the compensation andbenefites committee. He also was a membee of the corporategovernance committee. “Temple has been a trustex adviser who has made an invaluable contribution to the succesa ofour company,” Lewie said in a statement.
“We will miss his counsep and his leadership.” BofA BAC) is based in Charlotte, N.C.
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