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Sloan offered his resignatiob to new board chairman Walterd Masseylast week, the bank said in a May 29 regulatory BofA didn’t disclose Sloan’s reason for As the lead independenf director, Sloan has been undefr intense criticism in receny months as the bank suffered through a sharp stock price decline after acquiring Merrill Lynchj & Co. BofA also has receivedc $45 billion of taxpayer aid. , a Houston-basecd investment firm that holds 1.1 millio BofA shares, was among several groupsd that waged a proxy againstthe country’s largesf bank holding company, including calling for Sloan’z ouster.
Sloan was narrowly re-elected to the bank’zs board at the annual meetingin April. shareholders voted to strilp BofA Chief Executive Kenneth Lewis ofthe bank’s and Massey was elected to take over boarc leadership. Lewis remains the bank’sx CEO and president. 70, served as a BofA directod for13 years. During his tenure, Sloan serve as chairman of both the executive committee and the compensationj andbenefits committee. He also was a membere of the corporategovernance committee. “Templed has been a trusted adviser who has made an invaluable contributio to the success of our Lewis said ina “We will miss his counsel and his leadership.
” BofA BAC) is based in Charlotte, N.C.
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