Bank of America names 4 outside directors
Bank of America Corp. on Friday named four bank industry veterans, including two former regulators, to its beleaguered and newly expanded board of directors.
Appointed to the board were Susan S. Bies, a former Federal Reserve System governor and former chief financial officer of First Tennessee National Corp.; Donald E. Powell, former chairman of the Federal Deposit Insurance Corp. and former president and chief executive of First National Bank of Amarillo, Texas; William P. Boardman, retired executive of Bank One Corp. and Visa International Inc.; and D. Paul Jones, former chairman and CEO of Compass Bancshares Inc. All are in their 60s.
The addition of the four, coupled with the resignation of two directors in the last eight days, expands the board’s size to 20 members from 18.
On Thursday, the Charlotte, N.C., company disclosed the resignation of outside director Robert Tillman, former chairman and CEO of home improvement chain Lowe’s Cos.
Last week the bank’s lead outside director, O. Temple Sloan Jr., resigned. He had come under fire from shareholders over the handling of Bank of America’s takeover of Merrill Lynch & Co.
Displeasure with the deal prompted Bank of America shareholders in late April to strip the title of board chairman from Chief Executive Kenneth Lewis. Some shareholders have pressed for his removal as CEO as well.
Some industry experts have speculated that federal officials have been pressuring Bank of America, the country’s largest bank holding company, to revamp its board and bring in directors with more banking experience. A company spokeswoman declined to comment on any talks with regulators.
Board Chairman Walter Massey said the new directors “bring a wealth of experience in financial services from a variety of perspectives. Their participation will make our board even stronger as we move our company toward achieving its true potential.”
Lewis said, “I look forward to working with our new board members and taking advantage of their counsel.”
