June 9, 2009 - 7:55am
Two more directors left Bank of America bringing the total number of executives who have resigned from the company since April to five persons. The bank announced on Monday that the departure of Jackie Ward and Patricia Mitchell was effective June 3. The move is considered by some people to be in line with of an overhaul to bolster the board's banking and financial expertise. Besides, it is also expected to increase scrutiny by directors of Chief Executive Kenneth Lewis.
Ward is a retired chief executive of Computer Generation Inc, an Atlanta software company. She came to the board in 1994 and had been heavily criticized as head of the board's asset quality committee. At the annual meeting, she received more votes against her reelection than all directors other than Lewis and lead director O. Temple Sloan, who has also resigned.
Mitchell is chief executive of The Paley Center for Media, and was previously chief executive of the Public Broadcasting Service. She joined the board in 2001 and sat on its compensation and benefits and corporate governance committees.
Ward is a retired chief executive of Computer Generation Inc, an Atlanta software company. She came to the board in 1994 and had been heavily criticized as head of the board's asset quality committee. At the annual meeting, she received more votes against her reelection than all directors other than Lewis and lead director O. Temple Sloan, who has also resigned.
Mitchell is chief executive of The Paley Center for Media, and was previously chief executive of the Public Broadcasting Service. She joined the board in 2001 and sat on its compensation and benefits and corporate governance committees.