BofA's Krawcheck, Linsz Join BlackRock's Board

   DOW JONES NEWSWIRES 
 

Money-management titan BlackRock Inc. (BLK) named two Bank of America Corp. (BAC) executives to its board, replacing two others who stepped down.

The new directors are Sallie Krawcheck, 44 years old, a former Citigroup Inc. (C) chief financial officer who is head of BofA's global wealth and investment management, and Mark Linsz, 45, corporate treasurer. They replace Brian Moynihan, who runs the consumer bank and credit cards, and Daniel Sontag, head of the bank's brokerage force and one of the last high-profile holdovers from Merrill.

"We are very pleased to welcome Sallie and Mark as board members and look forward to the new business perspectives and talents each of them brings to the company," said BlackRock Chairman and Chief Executive Laurence Fink.

Moynihan and Krawcheck have been mentioned as possible successors to BofA Chief Executive Ken Lewis, who recently announced he will retire Dec. 31.

Under the terms of BlackRock's stockholder agreement with Merrill Lynch, the brokerage may choose two directors. BofA completed its purchase of Merrill in January.

BlackRock, founded in 1988, merged with Merrill Lynch Investment Managers in 2006 in a move that more than doubled its assets under management.

BlackRock's board has 16 members, 10 of whom aren't affiliated with the company.

BlackRock's shares slid 0.4% to $215.71 in after-hours trading while BofA's shares fell 2 cents to $17.48.

-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; [e-mail]