Summary
This 8-K filing by Bank of America Corporation (BAC), dated August 21, 2009, primarily announces a change in its board of directors. The company appointed Robert W. Scully to its Board of Directors, effective August 21, 2009. Mr. Scully is slated to serve on the Asset Quality and Compensation and Benefits Committees, indicating a focus on oversight of the company's asset portfolio and executive compensation. For investors, this appointment suggests a potential strengthening of the board's expertise in areas critical during the prevailing economic climate of 2009. The filing also confirms that Mr. Scully will receive standard non-employee director compensation, with initial awards pro-rated until the next annual meeting. The inclusion of a news release as an exhibit further details this appointment.
Key Highlights
- 1Appointment of Robert W. Scully to Bank of America's Board of Directors, effective August 21, 2009.
- 2Mr. Scully is expected to serve on the Board's Asset Quality and Compensation and Benefits Committees.
- 3Director compensation will follow the established non-employee director practices.
- 4Initial compensation for Mr. Scully will be pro-rated.
- 5The filing includes a news release detailing the director appointment as an exhibit.
- 6This 8-K is filed under Item 5.02 concerning director and officer changes.