Bank of American Chairman and CEO Brian Moynihan does have a tendency to look put-upon, as if a favorite pet has just died. Or perhaps like he’s just eaten a piece of sushi that tastes off. Or like he’s just found out that owning Countrywide is going to cost him another X billion dollars. Given that, some pension funds with a few BofA shares in the kitty think the bank should give him a break, rather than that extra title.
Bank of America set off these investors’ ire when its board changed the bank’s bylaws Oct. 1 to allow it to combine the chairman and CEO roles, then announced later that day that it had given the chairman’s job to Mr. Moynihan. The move essentially unraveled a binding 2009 shareholder resolution to separate the positions.