Holliday Elected Bank of America Board Chairman
CHARLOTTE (April 28, 2010) /PRNewswire/ — The Bank of America Board of Directors elected Charles "Chad" O. Holliday, Jr. as chairman, succeeding Dr. Walter E. Massey.
"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 Chief Executive Officer and President Brian T. 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."
Holliday, 62, has served as a director since September 2009. He is the former chairman of the board of directors of E.I. du Pont de Nemours and Co., a position he had held for approximately 10 years. He served as chief executive officer of DuPont from 1998 until 2008. He joined DuPont in 1970 as an engineer and held various positions throughout his tenure.
Since 2007, Holliday has served as a member of the board of directors of Deere & Co. and as a member of the board's audit and corporate governance committees. He is chairman emeritus of Catalyst, a leading nonprofit organization dedicated to expanding opportunities for women and business, and chairman emeritus of the board of the U.S. Council on Competitiveness, a nonpartisan, nongovernmental organization working to ensure U.S. prosperity.
Holliday is a founding member of the International Business Council and a member of the National Academy of Engineering. He also previously served as chairman of the following organizations: the Business Roundtable's Task Force for Environment, Technology and Economy, the World Business Council for Sustainable Development, The Business Council, and the Society of Chemical Industry – American Section.
He received a bachelor's degree in industrial engineering from the University of Tennessee and received honorary doctorates from Polytechnic University in Brooklyn, New York and from Washington College in Chestertown, Maryland.
During the annual meeting of shareholders held today, the proposed 13 directors were elected to the board by comfortable margins. In addition, management proposals regarding an increase in the number of authorized shares of common stock, amending the key associate stock plan, executive compensation and the retention of PricewaterhouseCoopers LLC as the company's independent accounting firm were approved.
Six shareholder proposals were not approved. A seventh advisory shareholder proposal regarding special shareholder meetings was approved.
During the meeting, Moynihan emphasized the strength of the Bank of America franchise and its opportunities for growing the company's businesses.
"We have all the pieces in place," he said. "I am confident we are well positioned to be the finest financial services institution in the world – for our customers, our associates, and our shareholders."
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with more than 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.