BofA CEO faces Chairman vote

Bank of America shareholders will get the chance to vote on whether the lender’s board should have allowed CEO Brian Moynihan to add the chairman title last year.

Bloomberg News reports that Bank of America will “promptly implement” a plan to find an independent chairman if a majority of investors oppose the decision that gave Moynihan both of the top jobs, the firm said Friday in a regulatory filing. Shareholders as of August 10 will be allowed to participate in the special meeting, said the bank, which didn’t specify a date for the event.

'They have a lot of credibility riding on this', said Jonathan Finger, whose investment firm owns 900,000 Bank of America shares. While he intends to vote to split the CEO and chairman roles, 'the odds are long that Moynihan loses his chairman title. The fact that they’re holding this meeting will probably mollify a lot of people'.

To access the complete Bloomberg News article hit the link below:

Moynihan Faces BofA Vote That May Strip Him of Chairman Role

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