Banking

Former Bank of America chairman Holliday takes same role at Shell

Chad Holliday Jr. is going from helping Bank of America recover from the financial crisis to helping Royal Dutch Shell deal with slumping oil prices.

Holliday, who was Bank of America’s chairman until CEO Brian Moynihan replaced him earlier this month, was named chairman of Shell on Thursday. Holliday is expected to take over the post next year, replacing Jorma Ollila, who is stepping down after nine years as chairman.

Holliday will continue to serve on the bank’s board.

The Charlotte bank’s Oct. 1 decision to hand Moynihan the chairman title surprised some analysts and angered some investors, who said keeping the roles separate provides better oversight. Shareholders had voted in 2009 to split the CEO and chairman roles in the fallout from the bank’s handling of its Merrill Lynch purchase. After the vote, then-CEO Ken Lewis gave up the chairman role and later retired by year’s end.

On Thursday, the Wall Street Journal reported that three large pension funds – the California Public Employees’ Retirement System, the California State Teachers’ Retirement System and the adviser to New York City’s pension funds – are pushing back on the move to make Moynihan chairman and are discussing possible next steps.

A CalSTRS spokesman said the pension fund was “engaging” with Bank of America in cooperation with the New York City pension funds, but declined to comment further. The other funds could not be reached.

The deadline for submitting shareholder proposals for next year’s annual stockholder meeting is Nov. 27. A Bank of America spokesman declined to comment.

Holliday has served on the bank’s board since 2009 and became chairman in 2010.

He is currently chairman of Shell’s Corporate and Social Responsibility Committee and is a member of its Remuneration Committee, the Netherlands-based oil giant said. Staff writer Rick Rothacker contributed.

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