Bank of America Corp. announced on Friday the resignation of its lead director, Temple Sloan, following 13 years of service.

Sloan, 70, most recently served as the chairman of both the Executive Committee and Compensation and Benefits Committee. He was also a member of the Corporate Governance Committee.

The Charlotte, N.C., based bank said in a filing, Mr. Sloan's decision to resign was not as a result of any disagreement with the Corporation or its management.''

Sloan’s resignation was effective May 26.

Shares were took a 0.6 percent slump to $11.20 in after-hours trading.