15/03/2013 21:42:00

Bank of America: Ambani Decided Not to Seek Another Term on BofA's Board

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By Shayndi Raice

Bank of America Corp. (BAC) director Mukesh D. Ambani is leaving the board to join the bank's global advisory council, the bank said Friday. He joined the board in 2011 and the bank has not said whether it will fill the vacancy.

Mr. Ambani, chairman and managing director of India's Reliance Industries Ltd. (500325.BY), is the latest in a series of exits from Bank of America's 18-member board. In January, director Robert W. Scully announced he was stepping down.

Three other board members--Donald E. Powell, Charles O. Rossotti and Virgis Colbert--are expected to step down this year, but no formal announcements have been made, according to people familiar with the matter.

All three men are nearing, or exceed, the board's retirement age of 72. The bank has brought on six new board members in the last year, including two new members in January.

Mr. Ambani, 55 and India's richest man, is leaving to join a non-fiduciary group of global business, policy and academic experts the bank set up in January to advise Chief Executive Brian Moynihan on "worldwide relationships."

Mr. Moynihan said the bank's global advisory council is "an ideal venue for the company to continue to benefit from Mukesh's judgment and insights."

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(END) Dow Jones Newswires

March 15, 2013 17:42 ET (21:42 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

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