In 2009, BofA shareholders voted to have different people in the CEO and chairman roles. The vote resulted in then-CEO Ken Lewis being ousted from the chairmanship role. He resigned as CEO later that year.
Five years later, the bank’s board overruled shareholders and gave CEO Brian Moynihan the chairman title. The board defended its decision by saying the shareholders’ earlier vote was made in a “different era” and noting that other big banks have the same person serving as both chairman and CEO.