Bank of America shareholders vote to allow Moynihan to keep both CEO, chairman roles

Associated Press

Bank of America shareholders are allowing CEO Brian Moynihan to remain in both the chairman and CEO positions, a significant victory for the bank.

Roughly 63 percent of BofA investors voted Tuesday to keep Moynihan in both roles. The long awaited meeting in North Carolina lasted less than a half an hour.

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The controversy stems from decisions made going back to the financial crisis.

In 2009, BofA's shareholders voted to strip the chairman title from then-CEO Ken Lewis, as a vote of no-confidence in Lewis. BofA's board of directors voted last year to combine the CEO/Chairman roles again under Moynihan, saying the combined role was more appropriate for how the company was being managed. But activist shareholders argued that the board's decision went against what shareholders had voted for in 2009.