The Bank of America Corporation Board of Directors has elected four new directors.
Susan S. Bies, 62, a former member of the Board of Governors of the Federal Reserve System and former chief financial officer of First Tennessee National Corporation.
William P. Boardman, 67, retired executive of Bank One Corporation and Visa International, Inc.
D. Paul Jones, 66, former chairman and chief executive officer of Compass Bancshares, Inc.
Donald E. Powell, 67, former chairman of the Federal Deposit Insurance Corporation (FDIC) and former president and chief executive officer of The First National Bank of Amarillo.
“These new directors bring a wealth of experience in financial services from a variety of perspectives,” says Walter E. Massey, Bank of America chairman. “Their participation will make our board even stronger as we move our company toward achieving its true potential.”
“I look forward to working with our new board members and taking advantage of their counsel,” says Ken D. Lewis, Bank of America chief executive officer and president.
Bies served as a Governor of the Federal Reserve from 2001 to 2007. During that time she represented the Federal Reserve in the Financial Stability Forum and led the Fed’s efforts to modernize the Basel capital accord. Previously, she was chief financial officer, chairman of the asset-liability management committee and executive vice president of risk management at First Tennessee National Corporation where she was employed from 1979 through 2001. She is currently on the board of Zurich Financial Services. From 2007 through 2008, she was a member of Securities and Exchange Commission’s advisory committee on improving financial reporting and chairman of its substantive complexity subcommittee.
Boardman was chairman of Visa International, Inc. from 1996 until his retirement in 2005 and also formerly served as a director of both that company and Visa U.S.A. A native of Columbus, Ohio, he was an executive at Bank One Corporation from 1984 through 2001, serving at various times as chairman and chief executive officer of its credit card subsidiary First USA and as vice chairman of Bank One. He was a director of Bank One Corporation. From 2001 through 2003, he served as a senior advisor on acquisitions and structural matters primarily related to financial institutions for Goldman Sachs & Co. Previously, he practiced law in Columbus.
Jones was an executive with Compass Bancshares, Inc. from 1978 through its acquisition by Spanish bank BBVA in 2007. He served as chairman and chief executive officer of that Alabama-based banking company from 1991 through 2007. Jones began his career in 1967 with the Birmingham law firm Balch & Bingham. He is currently Of Counsel to that firm and a member of its Financial Institutions Group.
Powell served as chairman of the FDIC from 2001 through 2005. A lifelong Texan, he started his banking career in 1971 with The First National Bank of Amarillo and rose to president and chief executive officer. He served as the federal coordinator of Gulf Coast Rebuilding from 2005 into 2008. He has served on a number of boards and was previously chairman of the Board of Regents of the Texas A&M University System. He is currently a director of Stone Energy Corporation.
D.C.