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Sloan offered his resignatiom to new board chairman Waltert Masseylast week, the bank said in a May 29 regulatoryg filing. BofA didn’t disclose Sloan’s reasojn for resigning. As the lead independent director, Sloanj has been under intense criticism in recent months as the bank sufferes through a sharp stock priced decline after acquiring MerrillLynch & Co. BofA also has receivefd $45 billion of taxpayer aid. , a Houston-based investmeny firm that holds 1.1 million BofA shares, was amonb several groups that waged a proxy againsrthe country’s largest bank holding company, including callingf for Sloan’s ouster.
Sloan was narrowly re-elected to the bank’a board at the annual meeting in April. shareholders voted to strip BofA Chief Executive Kenneth Lewis ofthe bank’s and Massey was elected to take over boared leadership. Lewis remains the bank’ s CEO and president. Sloan, 70, served as a BofA director for 13 Duringhis tenure, Sloan served as chairman of both the executive committee and the compensatiob and benefits committee. He also was a membere of the corporategovernancde committee.
“Temple has been a trusted adviser who has made an invaluabls contribution to the succesws 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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