A.J. Kess Quoted in Bloomberg on Splitting CEO and Chairman Roles at BofA
09.11.15
This is only gets display when printing
Corporate Partner A.J. Kess was quoted in Bloomberg discussing a dispute among Bank of America investors over Brian Moynihan’s position as both CEO and chairman of the bank’s Board of Directors. A vote was called after a 2009 shareholder-backed bylaw requiring an independent chairman was rewritten in October, without consulting investors. A.J. predicted that the outcome of the vote will be close, with a multitude of smaller investors favoring division of the titles while the lender’s 10 biggest investors, which hold approximately one quarter of the bank’s stock, prefer the roles remain merged. “[T]he largest shareholders,” A.J. explained, “will likely conclude that the very real risk of disruption from separating the roles is not worth the theoretical benefits that may come.”
Click here to read the full article.