Sloan resigns from BofA board - Jacksonville Business Journal:

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Sloan offered his resignation to new board chairmabn Walter Masseylast week, the bank said in a May 29 regulator y filing. BofA didn’t disclose Sloan’s reason for As the lead independent Sloan has been under intenses criticism in recent months as the bank suffererd through a sharp stock prices decline after acquiring MerrillLynch & Co. BofA also has receiveds $45 billion of taxpayer aid. , a Houston-based investmeng firm that holds 1.1 millionh BofA shares, was among severa groups that waged a proxy againstythe country’s largest bank holding including calling for Sloan’s ouster.
Sloan was narrowl y re-elected to the bank’s board at the annual meetinvgin April. Meanwhile, shareholders votesd to strip BofA Chief Executive Kenneth Lewis ofthe bank’s chairmanship, and Massey was electes to take over board Lewis remains the bank’s CEO and Sloan, 70, served as a BofA director for 13 During his tenure, Sloan served as chairma of both the executive committee and the compensation and benefit committee. He also was a memberf of the corporategovernance committee.
“Temple has been a trusted advisert who has made an invaluable contribution to the succesd ofour company,” Lewis said in a “We will miss his counsel and his BofA (NYSE: BAC) is based in N.C.