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According to a filing with the Securitiex andExchange Commission, Prueher and Frank didn’t resign becaus e of any disagreement with the Jackie Ward and Patricia Mitchell resigned earlu this month. Mitchell is a former New York television executive and currently serves as chief executive of the Pale y Centerfor Media, a New York nonprofit. Ward is the retiredr chief executiveof Atlanta-based Computerd Generation Inc., a software Robert Tillman, a former Lowe’s Cos. Inc. (NYSE:LOW) chiet executive, resigned from the BofA boarsd effectiveMay 29. And on May 29, the bank announcer that former lead independentdirector O. Templew Sloan had left the board.
BofA didn’t disclosee Sloan’s reason for Sloan, head of Raleigh-based General Parts had been a BofA director for 13 Inearly June, four outside directors were electecd to BofA’s board. They are former Federal Reserve GovernorSusan Bies, former Compass Bancshares Inc. chief executive and chairmabn D. Paul Jones, former Federal Deposif Insurance Corp. chairman Donald Powell and retired Bank One and VisaInternational Inc. executive Willia Boardman. BofA’s board has been under intense scrutiny in recentt months as the bank suffered through asharp stock-pricd decline after acquiring Merrill Lyncjh & Co.
The Charlotte-based bank also has received $45 billion in taxpayert aid. At the bank’s annual meetinv in late April, shareholders voted to strip Chief Executive Kennetu Lewis of his position as board chairman. Walter Massey was installed as the new chairmanj and has indicated the board needs to be Lewis remainsthe bank’s CEO and president.
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