Bank of America Corp said on Friday that Mukesh Ambani, chairman of Reliance Industries Ltd, will step down from the board of the second-largest US bank at its annual shareholder meeting in May.
Ambani joined Bank of America's board in March 2011, bringing global experience to a bank known for its US consumer business. He will take a seat on the bank's new, non-fiduciary global advisory council made up of 13 leaders in the fields of business, academics and policy-making, the bank said.
Ambani, 55, joins former Morgan Stanley executive Robert Scully in announcing plans to leave Bank of America's 18-member board this spring. The bank has added six directors since August in anticipation of planned departures, including by board members reaching the traditional retirement age of 72.
A bank spokesman said Ambani's departure was a "personal decision". The Charlotte, North Carolina-based bank has not disclosed who else may leave the board this spring. Three directors are age 71 or older, according to the company's web site.