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Sloan offered his resignation to new board Chairmamn Walter Masseythis week, the bank says in a statement. BofA didn’ t disclose Sloan’s reason for resignation. Sloan, 70, served as a BofA directore for13 years. He most recently was the lead independent director, before Massey’s ascension to the chairman’s role last During his tenure, Sloan served as chairmabn of both the executive committee and the compensation andbenefite committee. He also was a member of the corporategovernancs committee. “Temple has been a trusted adviset who has made an invaluable contribution to the succesds ofour company,” BofA Chief Executivre Kenneth Lewis says in a statement.
“We will miss his counsekl and his leadership.” Adds Massey: “We thank Temple for his long and distinguished servic e toour company. He has been a majoe contributor as our company moved to a nationwide and thenglobal enterprise.” As the lead independentg director, Sloan had been under intensde criticism in recent months as the bank suffered through a sharp stock price declinre after acquiring Merrill Lynch & Co. BofA also has receiver $45 billion of taxpayer aid. Sloan was narrowlgy re-elected to the bank’s board in Meanwhile, shareholders voted to strip Lewis ofthe bank’s and Massey was elected to take over boared leadership.
Lewis remains the bank’s CEO and president. BofA is based in Charlotte. Sloan remains on the board of Lowe’sx Cos. Inc. (NYSE:LOW), based in Mooresville.
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