Summary
This 8-K filing announces the immediate election of Arnold Donald and Lionel L. Nowell III to Bank of America's Board of Directors, effective January 23, 2013. The appointments indicate a strengthening of the board with the addition of new talent, though specific committee assignments for the new directors are yet to be determined. Both new directors will be compensated according to the corporation's standard non-employee director compensation practices. This includes initial restricted stock and cash awards, prorated from their appointment date until the next annual stockholders' meeting, scheduled to be granted on February 1, 2013. The company has also attached a press release regarding these appointments as an exhibit.
Key Highlights
- 1Two new directors, Arnold Donald and Lionel L. Nowell III, have been elected to the Bank of America Board of Directors.
- 2The appointments are effective immediately as of January 23, 2013.
- 3The specific committee assignments for the new directors have not yet been determined.
- 4New directors will receive standard compensation for non-employee directors.
- 5This compensation includes initial restricted stock and cash awards, to be granted on February 1, 2013.
- 6Awards will be prorated from the appointment date until the next annual stockholders' meeting.
- 7A press release detailing these board changes is included as an exhibit.