Bank of America CEO survives shareholder vote

Bank of America Corp. shareholders voted yesterday to retain CEO Brian Moynihan as chairman of the bank after a group of investors sought to strip him of the title.

Sixty-three percent of voters were in favor of Moynihan keeping the chairman role in addition to his CEO title.

Opponents of Moynihan staying as chairman wanted to ensure independent oversight, according to Reuters.

Executive search firm Spencer Stuart reports independent chairman are becoming more common. Of boards of companies in the Standard & Poor's 500 index, 28 percent had independent chairmen in 2014, up from 9 percent in 2004.

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