Brian Moynihan Elected Chairman of the Board of Directors
October 01 2014 - 4:45PM
Business Wire
Bovender Elected Lead Independent Director
Bank of America’s Board of Directors elected Chief Executive
Officer Brian Moynihan as chairman, succeeding Charles “Chad”
Holliday, Jr., effective immediately. Jack Bovender, Jr., a member
of the board of directors since August 2012, will become the
board’s lead independent director.
“There’s more work ahead, but Brian’s strategy to simplify the
company and connect it with the real economy continues to build
value for shareholders,” said Holliday. “The board strongly
supports the strategy that Brian has set and, after careful
deliberation, has decided to take these next steps in our
governance responsibilities.”
Bovender, the former chairman and chief executive officer of HCA
Inc., is a member of the board’s Credit and Enterprise Risk
committees. Among other responsibilities and consistent with what
the board believes are best practices in corporate governance, the
duties established for Bovender include:
- Together with the chairman/CEO,
planning, reviewing, and approving meeting agendas for the
board.
- Advising the chairman/CEO of the
information needs of the board and approving information sent to
the board.
- Acting as a liaison between the
chairman/CEO and the 13 independent directors.
- Calling meetings of the independent
directors.
“On behalf of the board and our shareholders, I thank Chad for
his leadership and look forward to continuing to work with him,
Jack, and the other directors to build on the sound governance
processes the board has put in place,” said Moynihan.
Moynihan became chief executive officer and a member of the
board of directors of Bank of America on January 1, 2010.
Additional information about the board’s actions, including the
newly-established lead independent director duties, is available on
the company’s current report on Form 8-K filed today with the
Securities and Exchange Commission.
Bank of AmericaBank of America is one of the world's leading
financial institutions, serving individual consumers, small
businesses, middle-market businesses and large corporations with a
full range of banking, investing, asset management and other
financial and risk management products and services. The company
provides unmatched convenience in the United States, serving
approximately 49 million consumer and small business relationships
with approximately 5,000 retail banking offices and approximately
16,000 ATMs and award-winning online banking with 30 million active
users and more than 15 million mobile users. Bank of America is
among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business owners through a suite of innovative, easy-to-use
online products and services. The company serves clients through
operations in more than 40 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news.
www.bankofamerica.com
Investors May Contact:Lee McEntire, Bank of America,
1.980.388.6780Jonathan Blum, Bank of America (Fixed Income),
1.212.449.3112Reporters May Contact:Lawrence Di Rita, Bank of
America, 1.202.442.7589
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