Thomas May, a Bank of America Corp. board member who helped combine the firm’s chief executive officer and chairman roles, was re-elected with 66 percent of the vote, the least of any director, and down from 98 percent last year.
Investors controlling 4.3 billion shares voted for May, with 2.15 billion against, Charlotte, North Carolina-based Bank of America said Thursday in a regulatory filing. May needed a simple majority to retain his post.
Two proxy advisory services, Institutional Shareholder Services and Glass, Lewis & Co., recommended that May be ousted this year because he’s chairman of the corporate governance committee that helped combine the two top roles now held by Brian Moynihan.
The second-biggest U.S. bank by assets will let shareholders vote on the rule change no later than its 2016 annual meeting, according to a May 4 regulatory filing. The lender said the vote couldn’t happen at this week’s shareholder meeting because of the amount of time the process requires.
Frank Bramble and Lionel Nowell, who also serve on the governance committee, each received 71 percent of shares cast, while the fourth member, Sharon Allen, got 72 percent, according to Thursday’s filing.
Moynihan’s predecessor, former CEO Kenneth Lewis, was stripped of his chairman title during the 2009 annual meeting by shareholders incensed over his handling of the Merrill Lynch & Co. takeover. The resolution to split the jobs of CEO and chairman won by a vote of just over 50 percent, and Lewis resigned later that year, paving the way for Moynihan’s promotion.