Bank of America
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
governor and CFO of First Tennessee National; William P. Boardman, 67, a retired executive of Bank One and
; 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.
Boardman served as chairman of Visa International from 1996 until retiring in 2005 and was also a director of that company and Visa U.S.A. He was also an executive and director at Bank One from 1984 through 2001, and also served as a senior advisor for
. Bank One was acquired by
Jones was an executive with Compass from 1978 until it was acquired by a Spanish bank in 2007. He served as chairman and CEO of the bank from 1991 to 2007.
Powell was FDIC chairman from 2001 through 2005. He began his banking career in 1971, ultimately becoming president and CEO of First National Bank of Amarillo. He is also a director of
Stone Energy Corp.