The new board of directors includes Sharon Allen, former chairman of Deloitte, Jack Bovender, former chairman of HCA, the hospital operator, Linda Hudson, former chairman of the US arm of BAE Systems, and David Yost, former chief executive of AmerisourceBergen, the pharmaceutical company.
The appoints will be effective immediately, succeeding the current BofA directors including Donald Powell, former head of the Federal Deposit Insurance, Virgis Colbert, an ex- executive at MillerCoors, Charles Rossotti, a erstwhile executive at Carlyle Group, and Paul Jones, the former head of CompassBancshares, an Alabama-based bank.
Among the aforesaid members, Jones has already stepped down and it is believed that the other three will go out within a year, said BofA.
According to the bank, Colbert, Rossotti and Powell joined the board in 2009 and prior to that they were serving as directors at Merrill Lynch and joined the BofA board in January the same year following its acquisition of Merrill.
Powell, a former chairman of the Federal Deposit Insurance was part of a group of four new directors named to the board more than four months later.
The US bank is struggling to emerge from the financial crisis due to losses and lawsuits tied to its 2008 acquisition of subprime mortgage lender Countrywide Financial.
