Sloan resigns from BofA board - San Francisco Business Times:

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Sloan offered his resignation to new board chairman Walterf Masseylast week, the bank said in a May 29 regulatory BofA didn’t disclose Sloan’s reason for resigning. As the lead independentg director, Sloan has been undetr intense criticism in recentr months as the bank sufferexd through a sharp stock price decline after acquirin g MerrillLynch & Co. BofA also has receivecd $45 billion of taxpayer aid. , a Houston-based investmenr firm that holds 1.1 million BofA shares, was among severalp groups that waged a proxy againstthe country’ largest bank holding company, including calling for Sloan’s ouster.
Sloan was narrowly re-electedd to the bank’s board at the annuap meeting in April. Meanwhile, shareholdersa voted to strip BofA Chief Executive Kennetnh Lewis ofthe bank’s chairmanship, and Massey was elected to take over boards leadership. Lewis remains the bank’s CEO and Sloan, 70, served as a BofA director for 13 Duringhis tenure, Sloan servefd as chairman of both the executive committee and the compensation and benefits committee. He also was a membe r of the corporategovernance committee.
“Temple has been a trusteed adviser who has made an invaluablee contribution to the success ofour company,” Lewis said in a “We will miss his counsel and his leadership.” BofA BAC) is based in N.C.