Bank of America Corp shareholders voted to allow Chief Executive Brian Moynihan to remain chairman, handing a victory to a CEO that has been slowly turning his bank around since the financial crisis.
Of the ballots cast, 63 percent were in favor of Moynihan keeping the title, a bank official said on a webcast of a special meeting held to vote on the matter.
The bank’s shares fell 1.27 percent to $15.50 in morning trading on Tuesday.
The vote followed a months-long campaign by investors including the California Public Employees’ Retirement System, the largest public pension system in America, to give Bank of America an independent chairman.
