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Sloan offered his resignation to new board chairman Walter Masseylast week, the bank said in a May 29 regulatory filing. BofA didn’t disclosew Sloan’s reason for resigning. As the lead independenft director, Sloan has been under intense criticism in recent monthe as the bank suffered through a sharp stock price decline after acquiring MerrillLyncbh & Co. BofA also has receiveds $45 billion of taxpayer aid. , a Houston-based investment firm that holdsw 1.
1 million BofA shares, was among several groups that waged a proxy againstythe country’s largest bank holding including calling for Sloan’s Sloan was narrowly re-elected to the bank’s board at the annual meeting in April. shareholders voted to strip BofA Chief Executive Kennethb Lewis ofthe bank’s chairmanship, and Masseyg was elected to take over board leadership. Lewiws remains the bank’s CEO and president. Sloan, 70, servede as a BofA director for13 years. During his Sloan served as chairman of both the executive committee and the compensationj andbenefits committee. He also was a membere of the corporategovernance committee.
“Temple has been a trustesd adviser who has made an invaluablw contribution to the success of our Lewis said ina statement. “We will miss his counsel and his BofA (NYSE: BAC) is based in Charlotte, N.C.
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