BofA Making New Board Member Additions

Bank of America Corporation (NYSE: BAC) is appointing four new board members, an effort which will replace retiring members.  The move will initially take the number of board members up to a count of sixteen members until certain retirements are seen. The appointments are effective immediately and the new members are as follows:

• Sharon Allen, 60, former Deloitte LLP chairman
• Jack Bovender, 67, former HCA Inc. (NYSE: HCA) chairman and chief executive officer
• Linda Hudson, 62, president and CEO of BAE Systems Inc.
• David Yost, 65, former CEO of AmerisourceBergen Corp. (NYSE: ABC)

Today’s news may seem like a large diversification push on the surface.  That may be true, but the bank stated that these new appointments are being made in anticipation of directors who are reaching retirement age and whose terms will expire next spring.

By the way, did you notice that all of these board members were in their 60s?

The stock is down 0.55% at $8.18 and trading volume is still under 70 million shares with less than two hours to the close when a normal day’s trading volume is 150 million shares or so.

JON C. OGG