Summary
Bank of America Corporation announced on July 24, 2013, the election of two new independent directors, Clayton S. Rose and Pierre de Weck, to its Board of Directors, effective immediately. This expansion of the board signifies a move towards strengthening its governance and potentially bringing in new perspectives to oversee the company's strategic direction. The new directors will be compensated under the company's standard non-employee director compensation program. This includes prorated restricted stock and cash awards set to be granted on August 1, 2013. Investors should note that the specific committee assignments for the new directors have not yet been determined, but their appointment is effective as of the filing date. The company has also provided a news release detailing this announcement as an exhibit to the filing.
Key Highlights
- 1Bank of America elected Clayton S. Rose and Pierre de Weck to its Board of Directors.
- 2The appointments are effective immediately as of July 24, 2013.
- 3Both new directors are considered independent.
- 4New directors will receive compensation under the existing non-employee director program.
- 5Restricted stock and cash awards will be granted on August 1, 2013, prorated from appointment.
- 6Committee assignments for the new directors are pending.
- 7A related news release is attached as an exhibit.