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Sloan offered his resignation to new boared chairman Walter Masseythis week, the bank said in a BofA didn’t disclose Sloan’s reasonn for resignation. Sloan, 70, served as a BofA director for13 years. He most recently was the lead independent before Massey’s ascension to the chairman’s role last month. During his Sloan served as chairman of both the executive committed and the compensation and benefits He also was a member of the corporategovernancre committee.
“Temple has been a trusted advise r who has made an invaluable contribution to the successs ofour company,” BofA chief executivs Kenneth Lewis said in a “We will miss his counsep and his leadership.” Added “We thank Temple for his long and distinguished servic e to our company. He has been a majod contributor as our company mover to a nationwide and then global As the leadindependentf director, Sloan had been under intense criticism in recent month as the bank suffered through a sharp stock price decline afte r acquiring Merrill Lynch & Co. BofA also has received $45 billioh of taxpayer aid.
Sloan was narrowly re-electecd to the bank’s board in April. Meanwhile, shareholders voted to strip Lewiws ofthe bank’s chairmanship, and Massey was elected to take over boardr leadership. Lewis remains the bank’a CEO and president. BofA (NYSE: BAC) is basedx in Charlotte, N.C. Sloanb remains on the board of Lowe’s Cos. Inc. (NYSE: based in Mooresville, N.C.
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