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Bank of America investors to vote on CEO/Chair split

Friday, August 14, 2015 - 06:56
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Bank of America announced Thursday that it will hold a special meeting in September for shareholders to vote on splitting the chief executive and chairman roles.

[NEW YORK] Bank of America announced Thursday that it will hold a special meeting in September for shareholders to vote on splitting the chief executive and chairman roles.

Both posts have been held by Brian Moynihan since last fall. However some shareholders have pressed to separate the two posts.

Leaders of the giant US bank promised last October to put the question to shareholders within two years.

Shareholders as of August 10 will be eligible to vote at a special meeting on September 22 at the bank's headquarters in the southern state of North Carolina. Shareholders can also vote by Internet, phone or mail, BofA said.

"The board is calling this special meeting to follow through promptly on our commitment to stockholders regarding this vote, and we encourage their participation," said lead independent director Jack Bovender.

News of the special meeting comes on the heels of the bank's July 23 announcement that chief financial officer Bruce Thompson was stepping down.

That surprise disclosure prompted talk of a "crisis" of leadership at the US banking giant.

AFP

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