B of A Shareholders Vote to Keep Moynihan as Chairman

By Kate Berry September 22, 2015, 10:26 a.m. EDT 1 Min Read

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Bank of America shareholders voted Tuesday to allow Brian Moynihan to keep his dual titles of chairman and chief executive, with 63% of votes cast in his favor.

It marked a major victory for the bank after a contentious yearlong battle with shareholders.

The Charlotte, N.C., bank caused a shareholder revolt last October when the board agreed to combine the two roles without the input of shareholders. Investors had previously voted to separate the two roles in 2009, when they stripped former CEO Kenneth Lewis of the chairman position following the financial crisis.

B of A’s board agreed in August to hold a special meeting to address the governance issue.

Reporter, American Banker

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