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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Bank of America Corporation | NYSE:BAC | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.36 | -0.92% | 38.93 | 39.47 | 38.79 | 39.34 | 28,369,832 | 01:00:00 |
From May 2019 to May 2024
By Christina Rexrode
Bank of America Corp. defended its decision last fall to give the chairman title to CEO Brian Moynihan, saying it made the move after careful consideration and he is well suited for the job.
In a regulatory filing Thursday, the bank said its board's corporate governance committee "deliberates on and discusses the appropriate leadership structure for the board based on the needs of our company" at least every year.
Mr. Moynihan was suited for the chairman job, the bank said, because of "leadership qualities, management capability, knowledge of the business and industry, and a long-term, strategic perspective" that he has laid out during five years as CEO.
That decision to give the chairman role to Mr. Moynihan, CEO since 2010, has been criticized by some investors, partly because the board had to override a 2009 shareholder vote requiring that the jobs be held by separate people.
The bank also disclosed it had cut Mr. Moynihan's 2014 pay, to $13 million from $14 million.
Write to Christina Rexrode at christina.rexrode@wsj.com
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