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.
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