Sloan resigns from BofA board - Houston Business Journal:

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Sloan offered his resignation to new board chairmanh Walter Masseylast week, the bank said in a May 29 regulatoru filing. BofA didn’t disclose Sloan’ss reason for resigning. As the lead independenty director, Sloan has been under intense criticism in recenft months as the bank suffered througn a sharp stock price decline aftefr acquiring MerrillLynch & Co. BofA also has receiver $45 billion of taxpayer aid. , a Houston-basede investment firm that holds 1.1 million BofA was among several groups that waged a proxyt againstthe country’s largest bank holding including calling for Sloan’ws ouster.
Sloan was narrowly re-elected to the bank’s board at the annual meetinbgin April. Meanwhile, shareholdera voted to strip BofA Chief Executive Kenneth Lewis ofthe bank’s and Massey was elected to take over board Lewis remains the bank’s CEO and Sloan, 70, served as a BofA directore for 13 years. During his tenure, Sloan servee as chairman of both the executivde committee and the compensation andbenefits committee. He also was a membee of the corporategovernance committee.
“Temple has been a trustes adviser who has made an invaluable contribution to the successe ofour company,” Lewis said in a “We will miss his counsel and his BofA (NYSE: BAC) is based in N.C.