|Bank of America Names O. Temple Sloan Lead Director|
CHARLOTTE, N.C., April 27 /PRNewswire/ -- Bank of America announced today that its Board of Directors has elected O. Temple Sloan as Lead Director, a new position, for a one-year term. As Lead Director, he will chair meetings of the independent directors, approve board meeting agendas and serve as a liaison with Chairman and CEO Kenneth D. Lewis.
Sloan, 67, is chairman of the International Group, Inc., a Raleigh, N.C.- based distributor of automotive replacement parts. He has been a director of Bank of America since 1996 and is chair of the Executive Committee and a member of the Compensation Committee.
"The board is fortunate to have Temple Sloan as the lead director," said Thomas Ryan, chairman of the Governance Committee. "With his experience on the board, Temple is the right person to serve in a lead capacity to coordinate the activities of the other non-management directors."
Ken Lewis applauded Sloan's selection. "Temple Sloan has been an outstanding director who has overseen tremendous growth at Bank of America since he was first elected to the board 10 years ago. The appointment of a lead director is a continuation of the Bank of America's progressive corporate governance practices. Temple Sloan will provide an important communications link between the other independent directors and our shareholders."
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and 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 more than 54 million consumer and small business relationships with more than 5,700 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 19 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
SOURCE Bank of America
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