Lead Director for Bank of America Resigns
May 30, 2009 by Mark Ellis
Filed under Business
Amid a slew of controversy regarding his decision to defend Chief Executive Kenneth D. Lewis, Temple Sloan Jr., Bank of America Corp. lead director, has decided to resign. This development marks the end of a thirteen-year stint as a board member of Bank of America for Sloan.
Sloan submitted his resignation to Walter E. Massey, the man who replaced him as the chairman of the board after its April meeting. Although he had recently been reelected to the board by investors, Sloan received the fewest amount of votes of any director. Advisory firms RiskMetrics Group Inc., Proxy Governance Inc., and Finger Interests all opposed Sloan’s reelection, voicing their opposition to the board.
In one of his most controversial moves, Sloan defended Kenneth Lewis from an attempt to force him out of his position. Both Bank of America and Lewis had faced opposition from investors who insist that they should have been warned about Merrill Lynch’s situation before voting to approve a takeover of the company.
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