Bank of America announced that independent members of its Board of Directors unanimously selected Lionel Nowell to be lead independent director successor. Nowell will succeed Jack Bovender upon his retirement from the Board at the annual meeting of shareholders in April 2021, in accordance with the company’s corporate governance guidelines.
Bovender, 75, has been an independent director at Bank of America since January 2013, and lead independent director since October 2014. Prior to that, he served as chairman and chief executive officer of HCA Inc., the largest investor-owned hospital system. He began his career in hospital administration in the U.S. Navy.
“I want to thank the Board for allowing me to serve as lead independent director,” Bovender said. “Over the years, I have had the privilege of working alongside many talented directors and employees at Bank of America, and I am proud of what we accomplished together on behalf of our clients, the communities we serve, and our shareholders.”
“On behalf of the Board and our shareholders, I want to thank Jack for his dedication to our company and his deep commitment to strong corporate governance,” Chairman and Chief Executive Officer Brian Moynihan said. “Jack has worked tirelessly to build a forum for key stakeholders to share their views with management, and we look forward to continuing the industry-leading shareholder engagement activities that he helped to put in place.”
The Board’s Corporate Governance, ESG, and Sustainability Committee took into account a number of factors before recommending a successor to the independent directors for their consideration, including key skills, competencies, and professional and personal attributes needed to ensure success in the lead independent director position.
Nowell, 65, has been an independent director at Bank of America since January 2013 and serves on the boards of directors of Ecolab Inc. and Textron Inc. Previously he served as senior vice president and treasurer of PepsiCo Inc., and as chief financial officer of The Pepsi Bottling Group.
“Throughout his career, Lionel has demonstrated strong business acumen and extensive risk management and strategic planning skills,” Bovender said. “All of us who have had the pleasure to work with Lionel appreciate his leadership skills, his engaging personality, and his ability to build consensus among directors.”
“The team at Bank of America is looking forward to working more closely with Lionel as we continue to drive responsible growth,” Moynihan said. “His extensive experience and leadership across many highly regulated global businesses make him an ideal candidate to succeed Jack.”
“I am both honored and humbled to be selected by my peers to follow Jack’s successful tenure,” Nowell said. “Since joining in 2013, I have witnessed firsthand the Board’s commitment to strong independent oversight, and I look forward to continuing that tradition as lead independent director.”
Nowell currently serves on the Audit Committee and the Corporate Governance, ESG and Sustainability Committee at Bank of America. He will retain those responsibilities during the transition period.
