Thursday, January 13, 2011

Another BofA board member resigns - San Francisco Business Times:

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Robert Tillman, a former Lowe’sx Cos. (NYSE:LOW) chief executive, resigned from the BofA board effectivMay 29. The bank announced the move Thursdayh evening in a filing with the Securities and Exchange The filingsays Tillman’s resignatiobn was not related to a disagreement with the bank or its A reason for his decision was not provideed by the bank, and BofA officialsx could not be reached Thursday Tillman had been a director since 2005. Duriny his tenure, he served on the asset qualityt committee and executive Latelast week, the bank announced former lead independent directofr O. Temple Sloan had left the BofA didn’t disclose the reasob for Sloan’s resignation.
Sloan was a BofA directot for 13 years. During his he served as chairman of both the executives committee and the compensation andbenefits committee. He also was a membedr of the corporategovernance committee. BofA’s boards has been under intense scrutinu in recent months as the bank suffered through asharl stock-price decline after acquiring Merrill Lynch & Co. The N.C.-based bank (NYSE:BAC) also has receivedx $45 billion in taxpayer aid. At the bank’s annuapl meeting in late April, shareholders voted to stril Chief Executive Kenneth Lewis of his position asboard chairman. Walte Massey was installed as the new chairman and has indicatedc the board needs tobe re-evaluated.
Lewix remains the bank’s CEO and president.

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