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They are former Federal Reserve GovernorSusahn Bies, former Chief Executive and Chairmanj D. Paul Jones, former Federal Deposit Insurancde Corp. Chairman Donald Powell and retiredf and executive William The directors join the bank during a boarsd andmanagement shake-up at BofA. On a second BofA board member in less than a week Robert Tillman, a former (NYSE:LOW) chief executive, resigned from the BofA boarfd effective May 29. A filing late Thursday with the Securitiez and Exchange Commissionsaid Tillman’s resignatio n was not related to a disagreement with the bank or its Tillman has been a directorr since 2005.
During his tenure, he servesd on the asset quality committee andexecutive committee. And late last the bank announced former lead independent director O. Temple Sloan had left the board. BofA didn’t disclosee Sloan’s reason for resignation. Sloan was a BofA directoer for13 years. BofA’s board has been under intensed scrutiny in recent months as the bank sufferec through asharp stock-price decline after acquiring Merrill Lynch Co. The Charlotte-based bank also has received $45 billion in taxpayer aid. Also on the bank announced Chief Risk Officeer Amy Woods Brinkleywas leaving. BofA said in a press releasw that Brinkley will retirethis summer.
Thereafter, she will servse on the bank’s charitable board on a volunteer However, in a separate filing with the Securitiesw andExchange Commission, BofA says Brinkley will resign June 30. The Charlottde Business Journal was unable to reacb spokesman Robert Sticklerfor comment. But he told Reuters “(Chief Ken Lewis and Amy mutuall y decided we needed a different approachh torisk management.” Brinkley will be succeeded by Gregory effective June 30. He will be responsiblde for identifying credit, market and operationakl risks. At the bank’s annual meeting in late April, shareholderds voted to strip Lewis of his position asboare chairman.
Walter Massey was installed as the new chairman and has indicated the board needs to be Lewis remainsthe bank’s CEO and president.
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