BofA Makes Holliday Appointment Official
CHARLOTTE, N.C. (TheStreet) -- Bank of America (BAC) - Get Report made official its decision to add Charles "Chad" Holliday, the chairman of DuPont (DD) - Get Report, to its board.
Holliday would be the bank's sixth new director since June; a total of 10 directors have stepped down from Bank of America's board this year as regulators review its operations.
Holliday, who also serves on the board of Deere, was chief executive of DuPont, the Delaware chemicals giant, from 1999 until 2008. A DuPont lifer, he joined the company in 1970 as an engineer. His appointment to Bank of America's board, which also agreed to cut its size to 15 directors from 18 on Monday, is effective immediately.
Also during Monday's meeting, the bank's directors were also briefed on options if CEO
is charged with civil fraud.
BofA directors reportedly support Lewis and haven't been surprised by any of the
made by New York Attorney General Andrew Cuomo's office.
But the board, as part of a broader review, recently said it was working on a new
in case the bank needs to make a quick change at the top.
Cuomo's office is reportedly weighing possible civil charges against Lewis and Bank of America Chief Financial Officer Joseph Price for not informing shareholders of certain material information related to the bank's takeover of
Merrill Lynch
. Last week, Federal District Judge Jed Rakoff rejected a proposed $33 million
between BofA and the
Securities and Exchange Commission
that would have closed the book on the regulator's charge that BofA lied to shareholders about $5.8 billion worth of bonuses to be paid to executives at Merrill.
-- Written by Scott Eden in New York; Joseph Woelfel contributed to this report.
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Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining TheStreet.com, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.
