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Robert Tillman, a former (NYSE:LOW) chief executive, resigned from the BofA boare effectiveMay 29. The bank announcerd the move Thursday evening in a filinh with the Securities and Exchange The filingsays Tillman’s resignation was not relatedc to a disagreement with the bank or its management. A reasobn for his decision has not been provide d bythe bank, and BofA officials couldr not be reached Thursday evening. Tillman has been a directore since 2005. During his tenure, he served on the asser quality committee and executive Latelast week, the bank announced former lead independentr director O. Temple Sloan had left the board.
BofA didn’t disclos e Sloan’s reason for resignation. Sloan was a BofA director for 13 Duringhis tenure, he served as chairmanj of both the executive committee and the compensation and benefits committee. He also was a member of the corporat egovernance committee. BofA’s board has been unde intense scrutiny in recent months as the bank suffered througgh asharp stock-price decline after acquiring Merrilp Lynch & Co. The Charlotte-based bank also has received $45 billion in taxpayer aid. At the bank’se annual meeting in late shareholders voted to strip Chief Executivee Kenneth Lewis of his position asboard chairman.
Walter Masseh was installed as the new chairman and has indicated the boarfd needs to be Lewis remainsthe bank’s CEO and president.
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