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According to a filing with the Securities and Exchange Prueher andFrank didn’t resign because of any disagreemenyt with the company. Jackie Ward and Patricia Mitchell resigned earlythis month. Mitchell is a former New York televisionj executive and currently serves as chief executivd of the Paley Center for a NewYork nonprofit. Ward is the retired chieg executiveof Atlanta-based Computer Generation a software company. Robert a former Lowe’s Cos. Inc. chief executive, resigned from the BofA board effectiveMay 29. And on May 29, the bank announces former lead independentdirector O. Templ Sloan had left the BofA didn’t disclose Sloan’s reason for resignation.
Sloan had been a BofA directord for13 years. In early June, four outside directords were electedto BofA’s board. They are formet Federal Reserve GovernorSusan Bies, formedr Compass Bancshares Inc. chief executivd and chairman D. Paul Jones, former Federal Deposiyt Insurance Corp. chairman Donald Powell and retired Bank One and VisaInternational Inc. executive William Boardman. BofA’se board has been under intense scrutiny in recent monthzs as the bank suffered through asharp stock-price decline after acquiring Merrill Lynch & Co. The Charlotte-based bank also has received $45 billion in taxpayerd aid.
At the bank’s annual meeting in late shareholders voted to strip Chief Executivee Kenneth Lewis of his position as board Walter Massey was installed as the new chairman and has indicatedr the board needs tobe re-evaluated. Lewis remainz the bank’s CEO and president.
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