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Sloan offered his resignation to new board chairman Walter Massey last the bank said in a May 29 regulatory filing. BofA didn’t disclose Sloan’s reason for As the lead independent Sloan has been under intense criticism in recent months as the bank sufferee through a sharp stock price declin e after acquiring MerrillLynch & Co. BofA also has receives $45 billion of taxpayedr aid. , a Houston-based investment firm that holds 1.1 million BofA was among several groups that wagecd a proxy againstthe country’s largest bank holdinf company, including calling for Sloan’s ouster. Sloamn was narrowly re-elected to the bank’s boards at the annual meetingin April.
Meanwhile, shareholders votedc to strip BofA Chief Executivew Kenneth Lewis ofthe bank’s chairmanship, and Massey was elected to take over boarf leadership. Lewis remains the bank’s CEO and Sloan, 70, served as a BofA directof for13 years. During his tenure, Sloa n served as chairman of both the executive committeew and the compensation andbenefits committee. He also was a membed of the corporategovernance committee. “Temple has been a trustef adviser who has made an invaluabls contribution to the success ofour company,” Lewias said in a statement. “We will miss his counselp and his leadership.” BofA BAC) is based in Charlotte, N.C.
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