REUTERS/James Lawler Duggan Warren Buffett may sign off on Brian Moynihan’s leadership, but his vote won’t count when it matters most to the embattled CEO. See Also BofA’s CEO Has Quietly Been Rebuilding The Bank From The Bottom Up Warren Buffett Gives Shout-Outs To 2 Bank CEOs WALL STREET: Bank of America’s CEO is tightening his grip on the bank Warren Buffett thinks Bank of America CEO Brian Moynihan is doing a great job.
Warren Buffett thinks Bank of America CEO Brian Moynihan is doing a great job.
Business Insider reached out to Buffett, who took a huge stake of Bank of America preferred stock and warrants four years ago, and asked for his take on the bank’s shareholder vote coming up later this month.
To recap: Bank of America’s vote gives shareholders the opportunity to sign off on, or reject, its plan to combine its chairman and CEO role into one under Moynihan.
The plan has some critics, with a small group of shareholders representing less than 1% of its stock banding together to say they’re opposed to the consolidation.
The Oracle of Omaha, according to a representative for Berkshire, is “100% in support of Mr. Moynihan and believes he is doing an outstanding job for Bank of America shareholders.”
“When he took over as CEO, he was handed one of the toughest jobs in the history of American banking.”
The bad news for Moynihan is that neither Berkshire’s preferred shares or warrants hold a vote, meaning Buffett has no recourse to participate in the shareholder vote.
But having the billionaire investor on his side must be heartening for Moynihan.
Article originally posted in Business Insider website.