Chad Gifford, a retired Bank of America Corp. executive, has been grounded.

Gifford will no longer have free use of B of A's private jet, after the board declined to renew a five-year consulting agreement that expired in January. The agreement was created in January 2005 after Gifford retired as the company's chairman. (He had joined B of A a year earlier when it bought FleetBoston Financial Corp., where he had been chief executive.)

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