Bank of America
said Monday that two more directors have resigned from the board as the bank goes through a management overhaul stemming from regulatory pressure.
Word that Jackie Ward and Patricia Mitchell departed from the board, effective June 3, comes days after the bank appointed
four new board members, and weeks after shareholders voted to strip CEO Ken Lewis of his chairman title. Two other directors,
O. Temple Sloan and Robert Tillman, have also left the board in recent weeks.
Ward had been the target of activist shareholders who criticized her for not scrutinizing the
acquisition more closely in her role as chair of the asset-quality committee. Mitchell had served on the compensation and benefits committee, as well as the corporate governance committee.
The replacement board members come from outside of BofA, and have a raft of experience in commercial banking and bank regulation. The selections, that come as a result of an overhaul led by new chairman Walter Massey, is an apparent response to criticism that the firm's board was insular and filled with figureheads, like retired Army General Tommy Franks, who has name recognition but little experience in the banking world.
Ward joined the board in 1994 and once ran a software company called Computer Generation. Mitchell joined in 2001 and is president and CEO of the Paley Center for Media.
BofA shares closed up 20 cents at $12.06 on Monday.