Bank of America (NYSE: BAC) Names Robert Scully to Board

Bank of America (NYSE: BAC) announced Thursday that it named former Morgan Stanley (NYSE: MS) executive Robert Scully to its Board of Directors.

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Scully, 59, retired from the office of the chairman of Morgan Stanley in January after nearly 35 years in the financial industry.

While at Morgan Stanley, he advised the U.S. government on the rescues of Fannie Mae (NYSE: FNM), Freddie Mac (NYSE: FRE) and American International Group (NYSE: AIG).

Before joining Morgan Stanley in 1996, Scully served as a managing director at Lehman Brothers and Salomon Brothers.

Scully serves on the boards of New York City's Teach for America division and the Global Fund for Children.

The board has gone through extensive restructuring over the last year. CEO Kenneth Lewis was stripped of the title as chairman of the board and was replaced by Dr. Walter E. Massey.

In late July, John Collins, William Barnet and Gary Countryman left the Bank of America board. That followed the departures of retired U.S. Navy Adm. Joseph Prueher and retired U.S. Army Gen. Tommy Franks, Jackie Ward and Patricia Mitchell.

Robert Tillman, a former Lowe’s Cos. Inc. (NYSE: LOW) chief executive, resigned from the BofA board at the end of May, along with O. Temple Sloan.

In June, four outside directors were elected to BofA’s board. They are Federal Reserve Governor Susan Bies, former Compass Bancshares Inc. chief executive and chairman D. Paul Jones, former Federal Deposit Insurance Corp. chairman Donald Powell and retired Bank One Corp. and Visa International Inc. (NYSE: V) executive William Boardman.

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