Bank of America on Thursday appointed four new directors to its board in anticipation of several current board members stepping down after they reach retirement age.
The newly appointed members, effective immediately, are Sharon Allen, a former Deloitte chairwoman; Jack Bovender, former HCA chairman and chief executive; Linda Hudson, president and chief executive of BAE Systems; and David Yost, former chief of AmerisourceBergen.
“Bank of America shareholders will benefit from the global perspectives, diverse insights and depth of experience these leaders possess,†Charles O. Holliday, Jr., the bank's chairman, said in a statement.
The appointments will bring the number of directors at the bank to 16, though several current board members are likely to step down next spring.
The bank's governance guidelines call for board members to not be nominated or stand for re-election when they reach age 72, although the board can approve waiver of that rule . Based on its most recent proxy filed in March, at least three of Bank of America's board members will be 72 or older next year.
