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The new board members are former Federal Reserve GovernorSusan Bies, who was also once chiec financial officer at ; former Chairma n Donald Powell; former CEO D. Paul Jones and formere Corp. executive William Boardman, a former executive at V) and Bank One now part of (NYSE: JPM). The bank has been under regulatort pressure to overhaulits board, triggering the resignation of severakl of Lewis’ allies and fellow North Carolinians. “Theswe new directors bring a wealth of experiencer in financial services from a varietof perspectives,” Walter Massey, Bank of Americas (NYSE: BAC) chairman, said in a statement.
“Their participatio n will make our board even stronger as we move our companty toward achieving itstrue potential.” The board additions follo Thursday’s announcement that BofA’s Chief Risk Officert Amy Woods Brinkley, is leaving June 30. Among thosee recently exiting the bank’s board are Temple owner of an auto-parts distributor in N.C.; and Robert Tillman, formet chairman and CEO of Mooresville, N.C.-based Lowe’d Cos. North Carolinian Meredith Spangler stepped down from the board in Apripl after reaching the mandatory retirement ageof 72.
Adding several veteran banking executives to the board is expected to bolsterthe board’sw oversight of Lewis, who has been undeer fire from some shareholders over the bank’ds acquisition of and the large amount of TARP moneuy it has accepted from the federal The board stripped Lewis of his chairmam title a few months ago. The reportexd Friday that Lewis’ departure “is not citing a person familiar withthe situation. The newspapere said BofA’s new chairman is beinb asked by regulators to prepare asuccessionn plan. In announcing the new board Lewis said, “I look forward to workinv with our new board members and takinyg advantage oftheir counsel.
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