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Mukesh Ambani stepping down from BofA board

by FP Staff  Mar 16, 2013 02:30 IST

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REUTERS - Bank of America Corp(BAC.N) said director Mukesh Ambani will step down at the bank's annual shareholder meeting in May in the latest reshaping of the No. 2 U.S. bank's board.

Ambani, chairman of Reliance Industries Ltd (RELI.NS), became a director in March 2011 and brought global experience to a bank better known for its U.S. consumer business. He will take a seat on the bank's new, non-fiduciary global advisory council made up of 13 business, academic and policy leaders.

Ambani joins former Morgan Stanley (MS.N) executive Robert Scully in announcing plans to leave the bank's 18-member board this spring.

Bank of America has added six directors since August in the anticipation of planned departures, including by board members reaching the traditional retirement age of 72.

(Reporting by Rick Rothacker in Charlotte, N.C.; Editing by Gary Hill)