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BofA CEO asks shareholders to keep him as chairman

By
Kevin Dugan
Published Aug. 1, 2015, 2:02 a.m. ET

After Bank of America lost three of its top officers last week, Brian Moynihan is hoping he can keep his two jobs.

The CEO of the second-largest US bank asked shareholders on Friday to keep him in his chairman role as well — a title he took on after the bank changed its bylaws and overrode a 2009 shareholder vote that split the two positions.

The 55-year-old bank chieftain has held both roles since October, in a board-approved move that ignited intense debate about governance at the top of the Wall Street giant.

“We undertook a thorough and thoughtful process before changing the company’s bylaws, and, through our engagement with you, we have heard your desire to vote on this action,” the bank’s directors said in a company regulatory filing.

“We now seek your support of our decision,” the plea continued.

Investors, including the $191 billion California State Teachers Retirement System, and prominent analysts like Mike Mayo at CLSA, have been vocal critics and called for a shareholder vote to ratify Moynihan’s dual roles.

Last week, the Charlotte, NC-based bank lost its CFO Bruce Thompson and Vice Chairman David Darnell.

The next day, word leaked that the bank’s general counsel was also planning on exiting his position, although he is expected to stay at the bank in a less formal role.

Mayo, who’s been critical of the bank’s current structure, told The Post last week that the loss of the three C-suite executives was a “power grab” by Moynihan.

“We appreciate the candor with which you have shared your insights and perspectives with us,” the directors said in the filing urging shareholders to uphold the status quo.

The bank called for a “special meeting” about the board leadership, though it didn’t say when it would happen.

Previously, BofA has called for the meeting to be held before next year’s annual meeting, which would likely happen in May.

Moynihan isn’t the only CEO-chairman on Wall Street. Jamie Dimon, who heads JPMorgan Chase, and Lloyd Blankfein, over at Goldman Sachs, also claim the dual roles.

Shares of the bank slid 1.3 percent on Friday to $17.90.