Bank of America Corp
has appointed a six-member group of directors to oversee the
search for Kenneth Lewis' replacement.
The group, known as the transition committee, will be
mainly comprised of older Bank of America directors who
survived the turnover of the last year, with only two new
directors represented in the group.
The two new directors on the committee include Donald
Powell, former Federal Deposit Insurance Corp chairman, and
DuPont Chairman Charles Holliday, who joined the board on September
The senior board members on the committee include chairman
Walter Massey, a retired college administrator, along with
Charles Gifford, Thomas May and Thomas Ryan.
Company spokesman Bob Stickler said the committee
recognizes the need for speed in the process, but also wants
to find the right replacement.
Lewis, the embattled Bank of America CEO, announced on
Wednesday that he will retire at the end of the year.
The CEO transition committee has not retained a search firm
at this time, and has no authorization to do so, but Stickler
said that could change as the process unfolds.
Several directors have left the board over the last year.
Throughout 2009, the bank has been adding new directors with
experience in the financial sector.
(Reporting by Joe Rauch, editing by Matthew Lewis)