Bank of America New Board Picks Are 'Sycophants': Analyst
NEW YORK (
) --
Bank of America's
(BAC) - Get Report
four new board appointees came in for criticism Thursday from an outspoken analyst who follows the bank.
Rochdale Securities analyst Richard Bove said the directors by and large lack expertise in technology and capital markets, which is where he believes the future of the institution lies.
"These are the type of people banks want on the board, and they tend to be sycophants, who go along with whatever
bank management tells them," Bove said.
A Bank of America spokesman had no immediate response.
The new directors include Sharon Allen, a former Deloitte chairwoman; Jack Bovender, former chairman and CEO at
HCA Holdings
(HCA) - Get Report
; Linda Hudson, president and CEO of
BAE Systems
(BA.L)
; and David Yost, former CEO of
AmerisourceBergen Corp.
(ABC) - Get Report
.
Bank of America said the new director appointees will replace directors who are reaching retirement age and the expiration of their terms in the spring.
--
Written by Dan Freed in New York
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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
