Investing.com -- Bank of America Corporation (NYSE:BAC) chairman and CEO Brian Moynihan retained his dual role with the company, after the bank's shareholders ratified an amendment on Tuesday that allowed its Board of Directors to determine its leadership structure, which included a provision that permits it to appoint an independent chairman when the chairman is not an independent director.
At a special meeting among shareholders in Charlotte, the bank announced the preliminary results of the vote. Nearly 65% of the votes were cast in favor of the proposal, the company said in a statement. The final results of the vote will be disclosed in a Form 8-K filing with the U.S. Securities and Exchange Committee later this week, Bank of America added.
Since joining Bank of America more than 20 years ago, Moynihan has run each of the company's major customer and client businesses: Wealth Management, Corporate and Investment Banking and Consumer and Small Business Banking. Moynihan also chairs the supervisory board of The Clearing House and serves on external leadership councils with the Financial Services Forum and the World Economic Forum International Business Council.
“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 in a statement.
The vote came in response to a spirited campaign by a group of shareholders, including the powerful California Public Employees Retirement System (CALPERS) to appoint an independent chairman for the company.
"We held today's vote in direct response to extensive shareholder engagement,” Lead Independent Director Jack Bovender said in a statement. “We appreciate the opportunity so many of our shareholders gave us to discuss this issue, and our board looks forward to continuing this constructive engagement.”
Shares in Bank of America inched down 0.01 or 0.06% in after-hours trading to 15.55. In the regular session, Bank of America shares fell 0.14 or 0.89% to 15.56.