Charles Gifford is stepping down from Bank of America's board after serving as a director for more than a decade.

Gifford, 73, will retire after the Charlotte, N.C., company's April 27 annual meeting, according to a proxy statement. Thomas Woods, a former vice chairman and chief risk officer at Canadian Imperial Bank of Commerce identified by a third-party search firm, has been selected by the $2.14 trillion-asset B of A to fill Gifford's seat.

Gifford was chief executive of FleetBoston when the Boston company sold itself to B of A in 2004. He was briefly Bank of America's chairman after the sale. Brian Moynihan, B of A's chairman and CEO, worked for Gifford when they were both at FleetBoston.

Gifford held a number of leadership roles at the FleetBoston predecessor BankBoston during his more than 50-year banking career.

Paul Davis contributed to this report.

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