March 15, 2013 / 8:21 PM / in 5 years

Reliance Chairman Ambani stepping down from BofA board

March 15 (Reuters) - Bank of America Corp 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 , 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 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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