By Colin Kellaher
Bank of America Corp. on Thursday stated its board has designated Lionel Nowell to succeed Jack Bovender as lead unbiased director in April.
The Charlotte, N.C., bank stated Mr. Bovender, 75 years outdated, would retire from the board on the annual shareholder assembly in April in accordance with its corporate-governance tips.
Mr. Bovender, a BofA director since January 2013, grew to become lead unbiased director in October 2014 when the board voted to make Brian Moynihan chairman in addition to chief government.
The bank had beforehand cut up the roles of chairman and CEO in 2009 after a shareholder vote pressured it to take action, and the choice to reunite the roles drew criticism from some traders, partly as a result of the board needed to override the shareholder vote.
BofA on the time stated it made the transfer after cautious consideration, and that Mr. Moynihan, who nonetheless serves as chairman and CEO, was effectively suited to the job.
Mr. Nowell, 65, has been an unbiased director at Bank of America since January 2013 and in addition serves on the boards of Ecolab Inc. and Textron Inc. He beforehand served as senior vp and treasurer of PepsiCo Inc.
–Christina Rexrode contributed to this text
Write to Colin Kellaher at [email protected]