BofA Continues Boardroom Shuffle

Bank of America (BAC Quote) continued its management shuffle on Friday, naming four new directors with significant experience in banking or bank regulation.

Nominees include Susan S. Bies, 62, a former Federal Reserve governor and CFO of First Tennessee National; William P. Boardman, 67, a retired executive of Bank One and Visa (V Quote); D. Paul Jones, 66, former chairman and CEO of Compass Bancshares; and Donald E. Powell, 67, former chairman of the Federal Deposit Insurance Corp. and former president and CEO of First National Bank of Amarillo.

As part of the terms for accepting government funds, the nation's largest banks have had to undergo a review of their executives and directors. Chairman Walter Massey has led a charge to review the board makeup since taking the chairman role from embattled CEO Ken Lewis, who was ousted by shareholders in an April vote. Since then, longtime director O. Temple Sloan has stepped down, and director Robert Tillman is also leaving the board.

"These new directors bring a wealth of experience in financial services from a variety of perspectives," Massey said in a statement. "Their participation will make our board even stronger as we move our company toward achieving its true potential."

Lewis added, "I look forward to working with our new board members and taking advantage of their counsel."

Bies has experience in two critical regulatory arms as the financial crisis has unfolded. She worked as a Fed governor from 2001 to 2007, serving in the Financial Stability Forum and leading efforts to modernize the Basel capital accord. She also served on the Securities and Exchange Commission from 2007 to 2008, on its advisory committee on improving financial reporting and as chairman of its substantive complexity subcommittee. She is also on the board of Zurich Financial Services.