O. Temple Sloan Steps Down from Bank of America Board of Directors

O. Temple Sloan, who has been a director on the Bank of America board for the last 13 years, announced on Friday that he is stepping down from BofA board.  At the time of his resignation, Temple Sloan was the lead director and served as the chairman of both the Executive Committee and Compensation and Benefits Committee.  He was also a member of the Corporate Governance Committee.

The news of the resignation of Temple Sloan has pleased recent critics of Bank of America, who had attacked Sloan and other BofA leaders in the wake of the controversial acquisition of Merrill Lynch.  According to the Charlotte Observer, Sloan’s departure is a signal that more Bank of America board members could be on their way out, many of whom have been criticized for “rubber-stamping the wishes of chief executive Ken Lewis, rather than standing up for shareholder interests.”

According to his profile at Forbes.com, O. Temple Sloan, who is 70 years old, is also the Chairman of the Board for Highwoods Properties Inc., and the Lead Director for Lowe’s.  He also serves on the national executive board of the Boy Scouts of America.  In 2008, Sloan earned compensation valued at $290,000 (including stock award) for his role on the Bank of America board.

Related Resources:

• Temple Sloan Steps Down from Bank of America Board of Directors — (Wall Street Journal)
• Temple Sloan Resigns from BofA Board — (Charlotte Observer)
• O. Temple Sloan Steps Down as Director at BofA — (MarketWatch)
• BofA Lead Director Temple Sloan Steps Down — (LA Times)
• Temple Sloan Leaves Bank of America Board — (Boston.com)
• Temple Sloan Relationship Map — (Muckety.com)
• Temple Sloan Profile — (Business Week)