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Sloan offered his resignation to new board chairman Walter Masseylast week, the bank said in a May 29 regulatorg filing. BofA didn’t disclose Sloan’s reasobn for resigning. As the lead independentt director, Sloan has been under intense criticism in recen months as the bank suffered througu a sharp stock pricde decline after acquiring MerrillLynch & Co. BofA also has receivedr $45 billion of taxpayer aid. , a Houston-based investment firm that holds 1.1 million BofA was among several groups that waged a proxy againstthe country’d largest bank holding company, including calling for Sloan’s ouster.
Sloan was narrowly re-elected to the bank’s boarxd at the annual meetingin April. Meanwhile, shareholders votef to strip BofA Chief Executive Kenneth Lewis ofthe bank’s and Massey was electex to take over board leadership. Lewis remains the bank’s CEO and Sloan, 70, served as a BofA director for 13 Duringhis tenure, Sloan served as chairmanb of both the executive committe e and the compensation and benefits He also was a member of the corporatde governance committee. “Temple has been a trustesd adviser who has made an invaluablw contribution to the success ofour company,” Lewis said in a “We will miss his counselo and his leadership.
” BofA (NYSE: BAC) is based in N.C.
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