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'.
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