William Boardman, a key crisis-time addition to Bank of America Corp.'s board, plans to resign his directorship.
The company said Wednesday the former Visa International Inc. chairman would not seek another term as director at its annual shareholder meeting in May.
Boardman said he agreed to join the board in 2009 with the provision that he would stay for only two years.
"Now that those two years are complete, I plan to return to retirement," a press release quoted him as saying. "I wish Bank of America the best going forward."
Bank of America tapped Boardman in June of 2009, against a backdrop of internal turmoil that produced ten director resignations in seven months. Given his experience at Visa and his previous work as a vice chairman of Bank One Corp., Boardman was viewed by some observers as a possible candidate to steer Bank of America on an interim basis if then-CEO Ken Lewis were forced to quit abruptly. (Lewis ended up resigning Dec. 31 of that year and was immediately succeeded by Brian Moynihan.) Boardman's nomination to the board came as part of an larger effort to recruit directors with financial industry experience.
During his tenure, Boardman sat on Bank of America's credit and compensation committees. Details about director candidates standing for election will be released in the company's annual proxy statement, expected to be filed later Wednesday.
Standing for election to the Bank of America board for the first time will be Mukesh D. Ambani, chairman and managing director of Reliance Industries Ltd., the largest private oil and gas company in India. The bank had previously announced his appointment to the board on March 16. Ambani, 53, will be the first non-U.S. citizen to join Bank of America's board.