bank of america vote allows moynihan to stay chairman
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Bank of America vote allows Moynihan to stay chairman

Arab Today, arab today

Arab Today, arab today Bank of America vote allows Moynihan to stay chairman

Bank of America chief executive Brian Moynihan
New York - AFP

Bank of America chief executive Brian Moynihan will keep his chairman post after a majority of shareholders backed the appointment Tuesday, outvoting critics who wanted to split the posts.

About 63 percent of shareholders of the second-largest US bank by assets voted to keep Moynihan as chairman, according to preliminary results announced by BofA at a special shareholder meeting.

"We are pleased our shareholders had the chance to express their views, and we appreciate their support to continue driving our company forward for them and for our customers and clients," Moynihan said.

Mike Mayo, a bank analyst at CLSA, had urged shareholders to vote to split the posts, citing a record of regulatory problems and executive turnover.

"The board needs an upgrade," Mayo said.

"There's an attitude of let the shareholders eat cake."

But other speakers at the meeting praised BofA and Moynihan for stabilizing the company after the 2008 financial crisis rocked the bank and most of the industry.

Tuesday's vote was a referendum on the board's decision in October 2014 to appoint Moynihan as chairman, ignoring a 2009 vote by a majority of BofA shareholders requiring the chairman to be an independent director.

Critics such as the California Public Employees' Retirement System and the California State Teachers' Retirement System said the 2014 appointment showed a disregard for shareholder wishes.

But BofA countered that the 2009 shareholder vote to keep the two posts separate had come at a low point in investor sentiment and that Moynihan had been a key player in righting the bank's course. The board also emphasized the benefits of having the flexibilty to pick its leadership.

In mid-morning trade, Bank of America shares were off 1.3 percent at $15.50.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bank of america vote allows moynihan to stay chairman bank of america vote allows moynihan to stay chairman

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bank of america vote allows moynihan to stay chairman bank of america vote allows moynihan to stay chairman

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday