Summary
Bank of America Corporation announced on August 23, 2012, significant changes to its Board of Directors. The company elected four new directors: Sharon L. Allen, Jack O. Bovender, Jr., Linda P. Hudson, and R. David Yost, all effective immediately. These appointments are a key development for the company's governance structure. These new directors will be compensated according to the standard non-employee director compensation practices, which include initial restricted stock and cash awards set to be granted on September 1, 2012. The awards will be pro-rated from their appointment date until the next annual shareholder meeting. The specific committee assignments for these new directors are still to be determined by the Board.
Key Highlights
- 1Bank of America Corporation (BAC) elected four new directors to its Board of Directors.
- 2The new directors, Sharon L. Allen, Jack O. Bovender, Jr., Linda P. Hudson, and R. David Yost, have immediate effect.
- 3Compensation for the new directors will follow the company's established non-employee director compensation program.
- 4New directors will receive pro-rated restricted stock and cash awards on September 1, 2012.
- 5The specific committee assignments for the new directors are yet to be announced.
- 6This filing indicates a focus on board composition and governance.