15/03/2013 21:42:00

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

Related content
18 Jan - 
Director/PDMR Shareholding ..
16 Dec - 
Director/PDMR Shareholding ..
18 Nov - 
Director/PDMR Shareholding ..
Related debate
05 Feb - 
http://www.finanznachrichten.de/nachrichten-2016-02/363..

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."

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

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

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

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Regulatory news

Novae Group plc : Notice of Results

05/02/2016 15:47:43
5 February 2016                                                                                     For immediate release Novae Group plc NOTICE ..

Form 8.3 - Sainsbury (J) plc

05/02/2016 12:11:02
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE ..

Alliance Trust PLC : Transaction in Own Shares 5 February 2016 correction

05/02/2016 09:55:55
5 February 2016 Alliance Trust PLC TRANSACTION IN OWN SHARES (Correction) The announcement released this morning was incorrectly headed Net asset Value A..

Most read news

  • 24 hours
  • 48 hours
  • 1 week

Related stock quotes

Bank of America Corp 12.95 -2.3% Stock price decreasing
Bank of America COM STK .. 13.08 -6.6% Stock price decreasing

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2016   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
07 February 2016 14:54:06
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20160125.1 - EUROWEB3 - 2016-02-07 15:54:06 - 2016-02-07 14:54:06 - 1000 - Website: OKAY