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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC

BANK OF AMERICA CORPORATION

(BAC)
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Delayed Quote. Delayed Nyse - 08/13 04:10:00 pm
26.35 USD   -1.42%
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Calpers, Calstrs Want Bank of America to Separate Roles of Chairman, CEO

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08/31/2015 | 09:01pm EDT
By Joann S. Lublin 

Two major public pension funds joined the drive for Bank of America Corp. shareholders to oppose a corporate bylaw change that lets Brian Moynihan serve as both chief executive and chairman.

California Public Employees' Retirement System and California State Teachers' Retirement System sent a letter Monday to the bank disclosing they will vote against the change. Calpers and Calstrs are the biggest and second biggest pension funds in the U.S. by assets. Together, the two funds own 63.6 million Bank of America shares, valued at about $1 billion and representing less than 1% of the total shares outstanding.

Bank board members angered some investors last October by deciding to change the bank's bylaws and give the chairman role to Mr. Moynihan, their CEO for more than five years. The board didn't consult institutional investors ahead of the switch, even though shareholders had voted in 2009 that the jobs of chairman and CEO must be held by different individuals. The earlier rule won approval during the depths of the financial crisis.

Bowing to shareholder complaints just before its annual meeting last May, the bank announced plans to let investors vote on the board's decision. That vote occurs at a Sept. 22 special shareholder meeting.

In a letter sent Monday to the bank's lead director Jack O. Bovender, the funds said, "Since Mr. Moynihan's appointment as CEO in January 2010, the company has continued to underperform" its peers. The letter continued: "We do not believe now is the time to reduce oversight of management by combining the roles of CEO and chair."

A Bank of America spokesman said he hadn't seen the letter and had no immediate comment.

Write to Joann S. Lublin at joann.lublin@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -1.42% 26.35 Delayed Quote.-24.11%
SWITCH, INC. 1.00% 17.18 Delayed Quote.14.78%
THE LEAD CO., INC. -1.73% 341 End-of-day quote.-12.56%
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Financials (USD)
Sales 2020 86 727 M - -
Net income 2020 13 966 M - -
Net Debt 2020 - - -
P/E ratio 2020 16,7x
Yield 2020 2,75%
Capitalization 228 B 228 B -
Capi. / Sales 2020 2,63x
Capi. / Sales 2021 2,64x
Nbr of Employees 213 000
Free-Float 99,8%
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Technical analysis trends BANK OF AMERICA CORPORATIO
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 28,13 $
Last Close Price 26,35 $
Spread / Highest target 44,2%
Spread / Average Target 6,76%
Spread / Lowest Target -12,7%
EPS Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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