By Christina Rexrode
Bank of America Corp. defended its decision last fall to give
the chairman title to CEO Brian Moynihan, saying it made the move
after careful consideration and he is well suited for the job.
In a regulatory filing Thursday, the bank said its board's
corporate governance committee "deliberates on and discusses the
appropriate leadership structure for the board based on the needs
of our company" at least every year.
Mr. Moynihan was suited for the chairman job, the bank said,
because of "leadership qualities, management capability, knowledge
of the business and industry, and a long-term, strategic
perspective" that he has laid out during five years as CEO.
That decision to give the chairman role to Mr. Moynihan, CEO
since 2010, has been criticized by some investors, partly because
the board had to override a 2009 shareholder vote requiring that
the jobs be held by separate people.
The bank also disclosed it had cut Mr. Moynihan's 2014 pay, to
$13 million from $14 million.
Write to Christina Rexrode at christina.rexrode@wsj.com
Access Investor Kit for Bank of America Corp.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0605051046
Subscribe to WSJ: http://online.wsj.com?mod=djnwires