Now that is getting desperate...
Bank of America is facing a critical vote next week — and it looks like the board is pulling out all the stops to avoid an embarrassing defeat.
On Tuesday, shareholders will be asked to vote on whether or not CEO and Chairman Brian Moynihan should keep the “chairman” title.
He was handed that role in October 2014, in a move which upset some investors and went against a 2009 vote to split the roles.
Eager to win the yes vote, the bank’s board has started lobbying investors, ranging from top-20 investors to small-time individual shareholders.
Joel West, a California business teacher and owner of 512 BAC shares, told Business Insider that he received a phone call this week from a proxy solicitor working on behalf of the bank.
As a small-time shareholder, he hadn’t thought much about the proxy statement he received in the mail.