NEW YORK — Bank of America CEO Brian Moynihan will keep both his CEO and chairman positions following a Tuesday vote by shareholders.
It was a significant win for the bank, which had lobbied hard for the dual role.
Only 63 percent of eligible shareholders voted in favor, however, showing how far the bank must still go to win the trust of its investors.
In 2009, BofA’s shareholders voted to strip the chairman title from then-CEO Ken Lewis, partly as a vote of no-confidence following a series of bungled and controversial acquisitions.
BofA’s board of directors reversed that shareholder vote last year, when they gave the chairman role to Moynihan, saying the combined role was more appropriate for how the company was being managed. But activist shareholders say the decision goes against what investors voted for six years ago.
“The bank failed to secure the overwhelming victory it needed to show that it has investors’ confidence,” said Michael Pryce-Jones, with CtW Investment Group.
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