Can B of A's Board Counterbalance CEO (and Now Chairman) Moynihan?
CEO Brian Moynihan received a vote of confidence in October when the bank's board gave him the additional role of chairman, replacing Chad Holliday, who remains a director. Moynihan has argued that the board is now more diverse, experienced and engaged and that regulators are comfortable with the dual role.
"I think what they've been clear about," Moynihan told analysts in October, is that "they care about the engagement of the board and the diversity of the board and the experience of the board. And we have a good board and it's experienced and has all the diversity and credible challenge and all the words that are used to describe that."
The following is a look at B of A's governance, focusing on the 13 outside directors and their backgrounds. One common thread is that many of these directors simultaneously held the chairman and CEO roles at other companies.
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Holliday, an engineer, joined B of A in 2009. He spent most of his career at DuPont which he joined in 1970 and became chief executive in 1988. He added the chairman's job from 1999 to 2009.
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Gifford came under attack by shareholders in 2010 for his role in the Merrill acquisition, which many investors had opposed. He was chairman of B of A for less than a year before retiring in early 2005, and held dual chairman and CEO roles at FleetBoston from 2002 to 2004, when Fleet was acquired by B of A.
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And the Rest
Lionel Nowell III, who joined B of A's board last year, spent a decade as senior vice president and treasurer of PepsiCo until 2009. He had been CFO of Pepsi Bottling Group and a senior vice president at RJR Nabisco. He held senior financial roles at Pillsbury, including its Haagen-Dazs division.
R. David Yost, Yost joined B of A's board in 2012. He spent nearly 40 years at pharmaceutical firm AmerisourceBergen, where he held various positions including chairman, president and CEO of a predecessor firm before retiring in 2011. He is a director at three other companies: aerospace company ITT Exelis, an aerospace company, Mash & McLennan, and Tyco International.
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