Mukesh Ambani stepping down from BofA board
Posted on: 02:59 AM IST Mar 16, 2013
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 US bank's board.
Ambani, chairman of Reliance Industries Ltd, became a director in March 2011 and brought global experience to a bank better known for its US 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 2012 in the anticipation of planned departures, including by board members reaching the traditional retirement age of 72.