Banking

2 Bank of America board members departing

Chad Holliday Jr. will not seek re-election to Bank of America’s board during the bank’s annual meeting this spring in Charlotte, the bank said Thursday. Holliday is one of two board members not seeking re-election.
Chad Holliday Jr. will not seek re-election to Bank of America’s board during the bank’s annual meeting this spring in Charlotte, the bank said Thursday. Holliday is one of two board members not seeking re-election. BLOOMBERG NEWS

Two Bank of America board members will not seek re-election during the bank’s annual meeting this spring in Charlotte, the bank disclosed in a securities filing Thursday.

Also, the bank’s chief accounting officer, Neil Cotty, is leaving, the lender reported in the same filing. According to the bank, Cotty, 60, informed the company a year ago of his plans to leave. The bank’s deputy chief accounting officer, Rudolf Bless, 54, has been named Cotty’s replacement.

Director Chad Holliday Jr.’s decision not to seek re-election comes after he was named chairman of Royal Dutch Shell in October. Holliday had served as Bank of America’s chairman until earlier that same month, when the bank gave CEO Brian Moynihan the position.

Holliday, who became chairman of Bank of America in 2010, has served on the bank’s board since 2009.

Departing director Clayton Rose, a professor at Harvard Business School, in July will become president of Bowdoin College, a liberal arts school in Maine. He became a board member in 2013.

After their departures, Bank of America will have 13 board members.

Cotty will remain chief accounting officer until March 1. Bless, who was hired by the bank in November, will officially take over then.

In 2010, Cotty was briefly the bank’s interim chief financial officer after Moynihan became CEO. Before that, he also served a stint as CFO of Bank of America’s global banking and wealth management businesses, where he was heavily involved in the 2009 Merrill Lynch acquisition.

That deal came under scrutiny after the bank revealed huge losses at Merrill once the merger closed. In 2012, Bank of America agreed to pay $2.43 billion to settle claims that it had made misleading statements about the financial health of the bank and Merrill, although the bank denied the allegations. Staff writer Rick Rothacker contributed.

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