BofA Adds Four Board Members As Others Approach Retirement

0
BofA Adds Four Board Members As Others Approach Retirement
By Bank of America (Own work by the original uploader) [Public domain], via Wikimedia Commons

BofA Adds Four Board Members As Others Approach Retirement

Bank of America Corp (NYSE:BAC) has appointed four new members to join its board of directors, as it expects a good number of its current board to retire in the near future.

The company has a policy stating that directors retire at the age of 72 years. According to the latest SEC filing, BofA  Schedule 14A, the company has one director, already aged 72 years, that is, Virgis W. Colbert; Senior Advisor, MillerCoors Company. In addition to this, two more directors are aged 71 years, they are, Donald E. Powell; Former Chairman, Federal Deposit Insurance Corporation (FDIC), and Charles O. Rossotti; Senior Advisor, The Carlyle Group LP (NASDAQ:CG); while Charles K. Gifford; Former Chairman, Bank of America Corp (NYSE:BAC), is aged 69 years.

Mohnish Pabrai On Value Investing, Missed Opportunities and Autobiographies

Mohnish PabraiIn August, Mohnish Pabrai took part in Brown University's Value Investing Speaker Series, answering a series of questions from students. Q3 2021 hedge fund letters, conferences and more One of the topics he covered was the issue of finding cheap equities, a process the value investor has plenty of experience with. Cheap Stocks In the Read More

The newly appointed board members come from a cross section of industries, something Charles O. Holliday, Jr., the bank’s chairman, feels will be very beneficial to the company. He is quoted in a statement by the the New York Times, saying, “Bank of America shareholders will benefit from the global perspectives, diverse insights and depth of experience these leaders possess.”

Illustratively, Sharon Allen, a former Deloitte chairwoman comes from the accountancy and audit sector, while Linda Hudson, president and chief executive of BAE Systems plc (LON:BA) (PINK:BAESY), based in the U.K, operates in the industrial goods sector. Additionally, the new board members also include Jack Bovender, former HCA Holdings Inc (NYSE:HCA) (healthcare sector) chairman and chief executive, and David Yost, former chief of AmerisourceBergen Corp. (NYSE:ABC), a service based company, for drugs wholesale.

Coincidentally, Bank of America is not the only financial institution that has added new board members in the recent past. U.K’s Barclays PLC (LON:BARC) (NYSE:BCS), which saw three board members resign owing to the Libor Scandal, and the investment banker, Goldman Sachs Group, Inc. (NYSE:GS), were involved in the same exercise as featured in our earlier articles.

The board members expected to retire in the near future still remain at the helm, the current number stands at 16, but this could be scaled downwards the moment they start retiring.

Updated on

Sheeraz is our COO (Chief - Operations), his primary duty is curating and editing of ValueWalk. He is main reason behind the rapid growth of the business. Sheeraz previously ran a taxation firm. He is an expert in technology, he has over 5.5 years of design, development and roll-out experience for SEO and SEM. - Email: sraza(at)valuewalk.com
Previous article Comcast Corp ($CMCSA) Valuation Analysis
Next article Value Investing Speech: Mohnish Pabrai & Guy Spier [VIDEO]

No posts to display