Bovender Elected Lead Independent Director
CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct. 1, 2014--
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
“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
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
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
Bank of America
Bank 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.
Source: Bank of America
Investors May Contact:
Lee McEntire, Bank of America, 1.980.388.6780
Blum, Bank of America (Fixed Income), 1.212.449.3112
Lawrence Di Rita, Bank of America, 1.202.442.7589