O. Temple Sloan resigned from Bank of America’s board, with more directors expected to follow, reports The Wall Street Journal.
Sloan served on the board for 13 years and had been lead director until April. He received the fewest re-election votes of any director at last month’s shareholder meeting.
In a Securities and Exchange Commission filing, the bank said Sloan’s “decision to resign was not as a result of any disagreement with the corporation or its management.”
Sloan is CEO of General Parts International and, according to Bank of America, the choice was personal.
Insiders believe his exit was a result of multiple factors, including the government’s increasing role.
U.S. regulators have pressured new Bank of America Chairman Walter Massey to recruit new board members. Regulators have not supplied the bank with names of directors who should resign, but other directors have reportedly volunteered to resign.