Sloan resigns from BofA board - Business First of Buffalo:

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Sloan offered his resignation to new board chairman Walted Masseylast week, the bank said in a May 29 regulatorty filing. BofA didn’t disclose Sloan’ws reason for resigning. As the lead independent Sloan has been under intense criticism in recentf months as the bank suffered throughb a sharp stock price decline after acquiring MerrillLynch & Co. BofA also has receivefd $45 billion of taxpayer aid. , a Houston-based investment firm that holds 1.1 millionh BofA shares, was among several groups that wagecd a proxy againstthe country’sw largest bank holding company, including callingb for Sloan’s ouster.
Sloan was narrowly re-elected to the bank’s board at the annuakl meetingin April. Meanwhile, shareholders voted to strip BofA Chiet Executive Kenneth Lewis ofthe bank’ss chairmanship, and Massey was elected to take over boarcd leadership. Lewis remains the bank’s CEO and Sloan, 70, served as a BofA director for 13 Duringhis tenure, Sloabn served as chairman of both the executive committee and the compensation and benefitsw committee. He also was a member of the corporategovernancde committee.
“Temple has been a trusted adviser who has made an invaluablse contribution to the success ofour company,” Lewix said in a “We will miss his counsel and his BofA (NYSE: BAC) is base d in Charlotte, N.C.