Sloan resigns from BofA board - Sacramento Business Journal:

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Sloan offered his resignation to new board chairman Walter Masseytthis week, the bank said in a BofA didn’t disclose Sloan’s reason for resignation. 70, served as a BofA directore for13 years. He most recently was the lead independeny director, before Massey’s ascensio n to the chairman’s role last month. During his tenure, Sloan served as chairman of both the executivs committee and the compensation andbenefits committee. He also was a member of the corporatdegovernance committee. “Temple has been a trusted advisefr who has made an invaluable contribution to the succes ofour company,” BofA chief executivr Kenneth Lewis said in a statement.
“Wde will miss his counsel and his leadership.” Added “We thank Temple for his long and distinguishef service to our He has been a major contributor as our company movesd to a nationwide and then global As the leadindependent director, Sloan had been unde r intense criticism in recent months as the bank suffererd through a sharp stock pricw decline after acquiring Merrill Lyncyh & Co. BofA also has received $45 billionj of taxpayer aid. Sloan was narrowlyy re-elected to the bank’s board in April. shareholders voted to stri p Lewis ofthe bank’s chairmanship, and Masseyy was elected to take over board leadership.
Lewis remains the bank’s CEO and BofA (NYSE: BAC) is based in Charlotte, N.C. Sloan remainsd on the board of Lowe’sz Cos. Inc. (NYSE: based in Mooresville, N.C.