BofA's Moynihan Keeps Dual Role As Chairman And CEO

(RTTNews) - Bank of America Corp.'s (BAC) Brian Moynihan will keep his dual role as chairman and chief executive officer after the company's shareholders approved a proposal to ratify the 2014 amendments to the company's bylaws that permitted the board of directors to determine its leadership structure, including appointing an independent chairman or appointing a lead independent director when the chairman is not an independent director.

According to preliminary results, about 63% of shares voted at a special meeting of shareholders were cast in favor of the proposal, the Charlotte, North Carolina-based company said in a statement Tuesday.

"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," said Moynihan.

"We held today's vote in direct response to extensive shareholder engagement," said Lead Independent Director Jack Bovender. "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."

The vote followed a vigorous campaign by investors including the California Public Employees' Retirement System to give Bank of America an independent chairman.

In 2009, Bank of America shareholders voted to strip the chairman title from then CEO Ken Lewis. However, the company's board of directors voted last year to combine the Chairman and CEO roles again.

The ratification is also a sort of vote of confidence for Moynihan, who not only pulled Bank of America out of the financial crisis but also tried to turn around the company bogged down with loan losses and high litigation costs.

JPMorgan Chase & Co. (JPM) chairman and CEO Jamie Dimon had survived similar votes at the company's annual meetings in 2013 and 2012.

Bank of America shares are currently trading at $15.51, down 19 cents or 1.21%.