Bank of America Board Elects New Chairman

The board of directors at Bank of America (BAC) elected one of its own as chair. Charles “Chad” Holliday, Jr. is succeeding Walter Massey in the position. Holliday, 62, served as a director on the BofA board since September 2009. He also served as CEO of DuPont from 1998 until 2008, where he joined as an engineer in 1970. “Chad brings excellent perspective with experience as a chairman and chief executive of a prominent global business. He is a terrific partner on our board and will be an excellent chairman,” said CEO Brian Moynihan. “On behalf of the management team and all our associates, I thank Walter for his service on the board and for his steady hand as our chairman during a uniquely challenging period.” In a statement, the bank said that during the annual meeting of shareholders held today, the proposed 13 directors were popularly elected to the board. In addition, shareholders approved management proposals to increase the authorized shares of common stock, amend the key associate stock plan, executive compensation and the retention of PricewaterhouseCoopers as the company’s independent accountant. Write to Jacob Gaffney.

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