Moynihan Faces BofA Vote That May Strip Him of Chairman Role
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Bank of America Corp. shareholders will get the chance to vote on whether the lender’s board should have allowed Chief Executive Officer Brian Moynihan to add the chairman title last year.
Bank of America will “promptly implement” a plan to find an independent chairman if a majority of investors oppose the decision that gave Moynihan both of the top jobs, the Charlotte, North Carolina-based firm said Friday in a regulatory filing. Shareholders as of Aug. 10 will be allowed to participate in the special meeting, said the bank, which didn’t specify a date for the event.