CHARLOTTE, N.C. (AP) — Bank of America Corp. said William Boardman is leaving as a director.
The bank said Wednesday that Boardman will not seek re-election at the shareholder meeting in May. The company said it will announce a replacement candidate by the end of the day.
Boardman, 69, said he only intended to serve on the board for two years when he joined in 2009. Boardman helped steer the company through the wake of the 2008 financial crisis and its acquisition of investment bank Merrill Lynch.
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"Now that those two years are complete, I plan to return to retirement. I wish Bank of America the best going forward," Boardman said in a statement.
Boardman was chairman of Visa International Inc. from 1996 until he retired in 2005.
According to Reuters, Bank of America boosted retirement assets under management by nearly 10 percent last year. The recent success of its retirement division, Reuters noted, was by guiding bank depositors to Merrill Lynch advisers and its new online brokerage channel.
Bank of America managed $535 billion in corporate and individual retirement accounts and pension plans at the end of 2010, up from $489 billion 12 months earlier.
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