Two Bank of America Directors Won't Seek Re-Election

By Lauren Pollock 

Bank of America Corp. said directors Charles Holliday and Clayton Rose have opted not to seek re-election to its board, and Neil Cotty is leaving his role as chief accounting officer.

Mr. Holliday was previously the chairman of the Charlotte, N.C., lender before the board voted last fall to make Brian Moynihan chairman as well as chief executive. At the time, Bank of America said Mr. Holliday would remain on the board.

The bank had previously split the roles of chairman and CEO in 2009 after a shareholder vote pressured it to do so, when Ken Lewis held both jobs. Mr. Holliday, former CEO and chairman of DuPont Co., had been chairman since 2010.

Mr. Rose, meanwhile, has also served on the board of insurer XL Group PLC, among other companies, and is a professor at Harvard Business School. He previously served as vice chairman at J.P. Morgan Chase & Co. and its predecessor company and headed global investment banking and global equities.

Bank of America said Thursday that all other current directors have been nominated for re-election.

Meanwhile, Mr. Cotty will continue as accounting chief during a transition period before Rudolf Bless takes over.

Mr. Bless joined the company as deputy chief accounting officer in November and was previously chief accounting officer at Credit Suisse Group AG.

Write to Lauren Pollock at [e-mail]

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