Mukesh Ambani Appointed to Bank of America Board
Bank of America named its first non-American board member on Wednesday, appointing Mukesh Ambani, an Indian national, as a director of the largest U.S. bank by assets.
Ambani, 53, has headed Reliance Industries, a petrochemical company that is India's largest private business with $44.6 billion in annual revenue, since 2002.
His appointment is the latest step in Bank of America's transformation into a more globally-focused company after acquiring investment bank Merrill Lynch & Co in 2008.
At its investor day on March 8, the bank's management team stressed the company will continue expanding its operations overseas after focusing for years on domestic banking.
Ambani becomes BofA's 14th director and will stand for election at the bank's annual meeting in May.
According to a U.S. securities filing, Ambani will serve on the BofA's credit committee, and the compensation and benefits
committee.
Ambani is the first outside board appointment for the bank since former DuPont CEO Charles Holliday - now the company's chairman - joined in September 2009. Chief Executive Brian Moynihan joined the board in January 2010.
Holliday's appointment culminated a nearly year-long turnover in BofA's director roster after the financial crisis peaked in 2008.
