Jan 31 Bank of America Corp director Robert Scully won't run for re-election at the annual meeting this spring, in the latest in a series of changes on the board.
Scully, 62, a former Morgan Stanley executive, informed the company of his decision last week, according to a securities filing on Thursday. He joined the board in 2009 as part of an influx of new directors with financial expertise and banking experience as Bank of America struggled with its Merrill Lynch acquisition.
Scully "has made important contributions to the board and the shareholders during the transformation and strengthening of the company," board chairman Chad Holliday said in a statement.
Last week, the No. 2 U.S. bank by assets added two directors after bringing on four in August. The bank had said it was anticipating some board member retirements, with three directors at or near the traditional board retirement age of 72.
If Don Powell, 71, retires, only two of the six directors added in the latter half of 2009 will remain on the board.