Bank of America (NYSE: BAC) Loses Two More Directors; Ward, Mitchell Resign

Bank of America Corporation (NYSE: BAC) announced Monday that two more directors have resigned, pushing its number to five departed directors since April.

Jackie Ward and Patricia Mitchell have both resigned, effective June 3, which could cause more negative attention to Chief Executive Officer Kenneth “Ken” Lewis, who already lost his post as Chairman of the Board to Dr. Walter E. Massey.

Ward is a retired Chief Executive Officer of Computer Generation Inc, an Atlanta software company. She joined the Board of Directors in 1994, where she served as head of the board's asset quality committee. At the annual meeting, she received more votes against her re-election than all directors other than Lewis and lead director O. Temple Sloan, who has also resigned.

Mitchell is Chief Executive Officer of The Paley Center for Media, and was previously Chief Executive Officer of the Public Broadcasting Service. She joined the Board of Directors in 2001 and sat on its compensation and benefits and corporate governance committees.

Last week, Bank of America announced the appointment of four new directors: Susan Bies, a former Federal Reserve governor; Donald Powell, who chaired the Federal Deposit Insurance Corp.; D. Paul Jones, who ran Alabama's Compass Bancshares Inc.; and William Boardman, a retired vice chairman of Chicago's Bank One Corp.

BofA’s stock price closed up 20 cents at $12.06 on the New York Stock Exchange. They have lost about two-thirds of their value since September.

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