Reliance Chairman Ambani stepping down from BofA board
(Reuters) - Bank of America Corp (BAC.N) said director Mukesh Ambani will step down at the bank's annual shareholder meeting in May in the latest reshaping of the No. 2 U.S. bank's board.
Ambani, chairman of India's Reliance Industries Ltd (RELI.NS), became a director in March 2011 and brought global experience to a bank better known for its U.S. consumer business. He will take a seat on the bank's new, non-fiduciary global advisory council made up of 13 business, academic and policy leaders.
Ambani joins former Morgan Stanley (MS.N) executive Robert Scully in announcing plans to leave the bank's 18-member board this spring. Bank of America has added six directors since August in the anticipation of planned departures, including by board members reaching the traditional retirement age of 72.
(Reporting by Rick Rothacker in Charlotte, N.C.; Editing by Gary Hill)
- Putin dissolves state news agency, tightens grip on Russia media
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters want power now |
- Cold, ice grip U.S. as more snow to blanket East
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
Protesters respond to calls to defend their demonstration from possible police intervention. Slideshow