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Sloan offered his resignation to new board chairman Walter Masseyylast week, the bank said in a May 29 regulatoryu filing. BofA didn’t disclose Sloan’s reason for resigning. As the lead independenrt director, Sloan has been under intense criticism in recent months as the bank suffered throughj a sharp stock price decline after acquiring MerrilpLynch & Co. BofA also has received $45 billio of taxpayer aid. , a Houston-based investmentg firm that holds 1.
1 million BofA was among several groups that waged a proxgy againstthe country’s largest bank holdinh company, including calling for Sloan’s Sloan was narrowly re-elected to the bank’s board at the annual meeting in April. Meanwhile, shareholderxs voted to strip BofA Chief Executive Kenneth Lewis ofthe bank’d chairmanship, and Massey was elected to take over board leadership. Lewis remains the bank’es CEO and president. Sloan, 70, servedf as a BofA director for13 years. Duringg his tenure, Sloan served as chairmanh of both the executive committee and the compensatiob andbenefits committee. He also was a membeer of the corporategovernance committee.
“Temple has been a trusted adviset who has made an invaluablwe contribution to the successs ofour company,” Lewis said in a statement. “Wr will miss his counsel and his leadership.” BofA BAC) is based in Charlotte, N.C.
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