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Brian Moynihan gets shareholders’ vote

104Brian Moynihan gets to keep his job as chairman of the board of Bank of America. At an election, 63% of the shareholders voted in favor of Moynihan keeping his dual role of chairman and CEO of the bank. In 2015, the bank’s board had elevated Moynihan to the role of chairman without first consulting the shareholders. That led to a wave of criticism because it went directly against a 2009 vote by shareholders to separate the chairman and CEO roles under then-CEO Ken Lewis. The bank argued that Moynihan, who succeeded Lewis as CEO in 2010, has turned the bank around since the financial crisis and therefore deserved the promotion. And a majority of shareholders agreed.

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