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Sloan offered his resignation to new board chairman Walterf Masseylast week, the bank said in a May 29 regulatorty filing. BofA didn’t disclose Sloan’w reason for resigning. As the lead independeny director, Sloan has been under intense criticis m in recent months as the bank suffered throughy a sharp stock price declines after acquiring Merrill Lynch & Co. BofA also has received $45 billion of taxpayert aid. , a Houston-based investment firm that holds 1.1 million BofA shares, was among several groups that waged a proxy against the country’s largest bank holding company, including calling for Sloan’s ouster.
Sloa n was narrowly re-elected to the bank’s board at the annuapl meetingin April. Meanwhile, shareholders voted to stripp BofA Chief Executive Kenneth Lewis ofthe bank’s and Massey was elected to take over boarrd leadership. Lewis remains the bank’s CEO and Sloan, 70, served as a BofA director for 13 Duringhis tenure, Sloan served as chairmanm of both the executive committee and the compensation and benefitsd committee. He also was a member of the corporatsegovernance committee. “Temple has been a trusted advisef who has made an invaluable contribution to the succesws ofour company,” Lewis said in a “We will miss his counsell and his leadership.
” BofA (NYSE: BAC) is based in N.C.
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