Four New Faces on Bank of America’s Board
June 6, 2009 by Mark Ellis
Filed under Business
There will be four new faces at Bank of America’s board meetings: Federal Reserve Governor Susan Bies, former Compass Bancshares Inc. leader D. Paul Jones, former FDIC Chairman Donald Power, and retired Bank One Corp. and Visa International Inc. executive William Boardman. These outside directors will bring their collective experience to the troubled financial giant.
The new additions follow the departure of Robert Tillmann, former Lowe’s Cos. Inc. chief executive, who resigned from the Bank of America board on May 29. According to the Securities and Exchange Commission, Tillman’s resignation had nothing to do with any conflicts with Bank of America or the rest of the board. Last week, O. Temple Sloan resigned from the board without any particular reason disclosed.
The board of Bank of America may not be the most relaxing place to be: Bank of America has been under intense scrutiny by federal agencies questioning Bank of America’s rapid decline after purchasing Merrill Lynch as well as monitoring the financial giant’s usage of the taxpayer money it received as part of the TARP fund.
Bank of America Building (Image: Flickr)
