Bank of America shareholders have voted to allow Brian Moynihan to continue as both board chairman and chief executive officer. Shareholders voted to separate the two roles in 2009. Then last year, BofA’s board reversed that decision and named Moynihan chairman in addition to CEO. The move sparked controversy and protests by some shareholders.
In a meeting in Charlotte this morning that lasted less than 15 minutes, about 63 percent of shareholders voted in favor of keeping Moynihan as chairman and CEO. Opponents of combining the CEO and chairman roles included two public employee pension funds in California, and the advisory firm Institutional Shareholder Services. Some top Bank of America executives have been lobbying investors to allow Moynihan to maintain both titles.
