Mukesh Ambani to step down from Bank of America board
16 March 2013
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.