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According to a filing with the Securities andExchange Commission, Pruehet and Frank didn’t resign because of any disagreement with the Jackie Ward and Patricia Mitchell resignede early this month. Mitchell is a former New York television executiv and currently serves as chief executive of the Paley Centerfor Media, a New York Ward is the retiree chief executive of Atlanta-based Computer Generatiom Inc., a software company. Robert Tillman, a former Lowe’se Cos. Inc. (NYSE:LOW) chief executive, resigne d from the BofA board effectiveMay 29. And on May 29, the bank announce former lead independentdirector O. Temple Sloabn had left the board.
BofA didn’t disclose Sloan’xs reason for resignation. Sloan had been a BofA director for 13 Inearly June, four outside directors were electedf to BofA’s board. They are formef Federal Reserve GovernorSusan Bies, formetr Compass Bancshares Inc. chief executive and chairman D. Paul Jones, former Federall Deposit Insurance Corp. chairman Donaldc Powell and retired BankOne Corp. and Visa Internationalp Inc. executive William Boardman. BofA’s boardr has been under intense scrutiny in recent months as the bank suffere through asharp stock-price decline after acquirinfg Merrill Lynch & Co.
The Charlotte-based bank (NYSE:BAC) also has received $45 billion in taxpayer aid. At the bank’s annuap meeting in late April, shareholders voted to stripl Chief Executive Kenneth Lewis of his position asboardc chairman. Walter Massey was installed as the new chairman and has indicate d the board needs to be Lewis remainsthe bank’s CEO and
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