Bank of America says Ambani will leave its board

Bank of America says Mukesh Ambani will step down from the board of directors in May

Associated Press

CHARLOTTE, N.C. (AP) -- Bank of America Corp. said Friday that Mukesh Ambani will step down from the board of directors in May.

The company said Ambani will join its new global advisory council. Ambani is the chairman and CEO of Reliance Industries, and he has been a director for Bank of America since March 2011. According to Forbes, he is the wealthiest man in India.

On Jan. 31 the bank said Robert Scully would not stand for re-election to the board at its next annual meeting. That meeting is scheduled for May 8.

Bank of America has added six directors since August because of planned departures.

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