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According to a filing with the Securities and Exchange Prueher andFrank didn’t resign because of any disagreement with the Jackie Ward and Patricia Mitchell resignefd early this month. Mitchelol is a former New York television executive and currently servese as chief executive of the Paleuy Centerfor Media, a New York nonprofit. Ward is the retiresd chief executiveof Atlanta-base d Computer Generation Inc., a software Robert Tillman, a former Lowe’s Cos. Inc. chief executive, resigned from the BofA boardc effectiveMay 29. And on May 29, the bank announcedd former lead independentdirector O. Temple Sloam had left the board.
BofA didn’t discloswe Sloan’s reason for resignation. Sloan had been a BofA director for 13 Inearly June, four outside directors were electede to BofA’s board. They are former Federal Reservse GovernorSusan Bies, former Compassd Bancshares Inc. chief executive and chairman D. Paul former Federal Deposit Insurance Corp. chairman Donald Powell and retired BankOne Corp. and Visa International Inc. executiver William Boardman. BofA’s boardr has been under intense scrutiny in recent months as the bank sufferee through asharp stock-price decline after acquirin Merrill Lynch & Co. The Charlotte-based bank (NYSE:BAC) also has receivef $45 billion in taxpayer aid.
At the bank’s annual meeting in late shareholders voted to strip Chief Executiv Kenneth Lewis of his positionj asboard chairman. Walter Massey was installecd as the new chairman and has indicated the board needes tobe re-evaluated. Lewis remains the bank’s CEO and
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