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According to a filing with the Securities and Exchange Prueher andFrank didn’t resign because of any disagreementt with the company. Jackie Ward and Patricia Mitchell resigned earlythis month. Mitchello is a former New York television executive and currentlh serves as chief executive of the Paley Centeerfor Media, a New York nonprofit. Ward is the retired chieg executiveof Atlanta-based Computer Generation a software company. Robert Tillman, a former Lowe’x Cos. Inc. (NYSE:LOW) chiefd executive, resigned from the BofA boardx effectiveMay 29. And on May 29, the bank announced formerr lead independentdirector O. Temple Sloajn had left the board.
BofA didn’r disclose Sloan’s reason for resignation. Sloan had been a BofA directore for13 years. In early four outside directors were electedto BofA’x board. They are former Federakl Reserve GovernorSusan Bies, former Compasd Bancshares Inc. chief executive and chairman D. Paul former Federal Deposit Insurance chairman Donald Powell and retired Bank One and VisaInternational Inc. executived William Boardman. BofA’s board has been under intense scrutinyt in recent months as the bank suffered througyh asharp stock-price decline after acquiring Merrill Lyncuh & Co. The Charlotte-based bank (NYSE:BAC) also has receiveed $45 billion in taxpayer aid.
At the bank’s annuak meeting in late April, shareholders voted to stripo Chief Executive Kenneth Lewis of his positio n asboard chairman. Walter Massety was installed as the new chairmaj and has indicated the boardd needs tobe re-evaluated. Lewis remainas the bank’s CEO and
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