Bank of America is trying to consolidate its executive leadership — and on Tuesday, shareholders will finally have a say in the matter. Last October, the bank handed chief executive Brian Moynihan the additional title of chairman of the board, undoing a 2009 shareholder vote to split the roles.
It looks like Bank of America CEO Brian Moynihan gets to keep his "chairman" title. Shareholders made the decision on Tuesday in a Charlotte, North Carolina, vote. According to preliminary results, 63% of voters were in favor. Why were shareholders voting on Moynihan's position?
Bank of America is trying to consolidate its executive leadership by putting CEO Brian Moynihan into its chairman role. The U.S. bank last October named Moynihan chairman of the board, undoing an earlier shareholder vote in 2009 to split the roles.
Bank of America (BAC.N) is likely to hold a shareholder vote this year to determine whether Chief Executive Brian Moynihan should be allowed to retain his title of chairman of the bank's board, a person familiar with the matter said on Friday. In October, Moynihan was named chairman in addition to CEO, a move that angered some investors. Bank of America announced just before its annual meeting in May that it would allow shareholders to hold a vote on whether Moynihan should retain the chairmanship.
(Reuters) - An activist group is urging Bank of America Corp to allow all shareholders to enter next week's annual meeting after it says Wells Fargo & Co excluded attendees who disagreed with the bank's business practices. The group, called 99% Power, sent a letter on Monday to Bank of America Chief Executive Brian Moynihan asking to meet with him by Friday May 4 to ensure the meeting room is large enough and that shareholders are allowed to designate a proxy to attend on their behalf. ...