After a pivotal election, Bank of America CEO Brian Moynihan gets to keep his position as chairman of the board, according to USA Today. The vote allows him to keep both his title as CEO and his title as chairman of the board, a concern many shareholders voiced before the vote.
Bank of America announced after the meeting that 63 percent of voting shareholders voted in favor of Moynihan keeping both of his roles, according to the Wall Street Journal. The shareholder meeting where the vote took place lasted only 15 minutes.
The point of controversy arose last year when the board made Moynihan chairman of the board without including shareholders on the decision. Many of the shareholders felt that the two positions should be held by two different people to give more oversight on the bank and how it's being run, according to the Boston Globe.
It also went against a 2009 vote, where shareholders voted for a separation between the roles of CEO and chairman of the board, according to USA Today.
Bank officials on Tuesday called the vote a "huge victory," however, and Moynihan told reporters that he was "happy with the results," according to the Wall Street Journal.
But while this may be a victory for now, both Bank of America and Brian Moynihan still have obstacles in the next few months to overcome, as share prices continuing to fall and a "stress test" lies on the horizon from the Federal Reserve, according to the Wall Street Journal.
