Mukesh Ambani to step down from BofA board

Bank of America Corp said on Friday that Mukesh Ambani, chairman of Reliance Industries Ltd, will step down from the No. 2 US bank's board of directors at its annual shareholder meeting in May.

 Mukesh Ambani to step down from BofA board

AFP

Ambani joined Bank of America's board in March 2011, bringing global experience to a bank known for its US consumer business. He will take a seat on the bank's new, non-fiduciary global advisory council made up of 13 businesses, academic and policy leaders.

Ambani, 55, joins former Morgan Stanley executive Robert Scully in announcing plans to leave Bank of America's 18-member board this spring. The bank has added six directors since August in anticipation of planned departures, including by board members reaching the traditional retirement age of 72.

Reuters

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Updated Date: Dec 20, 2014 17:52:32 IST