Bank of America Board to Lose Ex-Morgan Stanley Exec

Bank of America (BAC) will lose one director after adding two others.

The nation's second-biggest bank by assets said Thursday that Robert Scully, a former top executive at Morgan Stanley, has advised the company he will leave the board when his term expires this year.

The departure would trim the board to 17 members. The company recently named as directors Arnold Donald, a former chief executive of Merisant, and Lionel Newell 3d, a former treasurer at PepsiCo.

A B of A spokesman did not respond immediately to a request for comment on Scully's decision, which the company disclosed in a filing with the Securities and Exchange Commission.

Scully, 62, retired from Morgan Stanley in December 2008 after 12 years with the firm that included his serving as co-president and later joining the office of the chairman. He previously was an investment banker at both Lehman Brothers and Salomon Brothers over the course of roughly 34 years in the financial industry.

"Careers are marathons," Scully, who graduated from Princeton University, told the school's newspaper in 2006. "Do something you care about and have a skill set that enables you to thrive."