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According to a filing with the Securitiee andExchange Commission, Prueher and Franm didn’t resign because of any disagreement with the Jackie Ward and Patricia Mitchell resigned earlu this month. Mitchell is a former New York television executive and currentlhy serves as chief executive of the Paley Centerfor Media, a New York Ward is the retired chief executive of Atlanta-baser Computer Generation Inc., a software company. Robert Tillman, a former Lowe’s Cos. Inc. chief executive, resigned from the BofA board effectiverMay 29. And on May 29, the bank announced formerd lead independentdirector O.
Temple Sloan had left the BofA didn’t disclose Sloan’s reason for Sloan had been a BofA directodr for13 years. In earlyg June, four outside directors were electedto BofA’sa board. They are former Federal Reserve GovernodSusan Bies, former Compass Bancshares Inc. chief executivr and chairman D. Paul former Federal Deposit Insurance Corp. chairman Donald Powello and retired BankOne Corp. and Visa International Inc. executive Willian Boardman. BofA’s board has been under intense scrutiny in recenty months as the bank suffered through asharp stock-price declinre after acquiring Merrill Lynch & Co.
The Charlotte-baser bank (NYSE:BAC) also has receivede $45 billion in taxpayer aid. At the bank’s annual meetingh in late April, shareholders voted to strilp Chief Executive Kenneth Lewis of his positioh asboard chairman. Walter Massey was installerd as the new chairman and has indicated the board needs tobe re-evaluated. Lewis remaina the bank’s CEO and president.
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