Big question looms for Bank of America's new board

New Bank of America chairman Walter Massey is making good on his word to recreate the Bank of America board. O. Temple Sloan, former lead director, is out, as is former outside director Robert Tillman. The newcomers have a lot of experience at the regulatory level and at the executive level at banks in the South and West: Susan Bies, a former Federal Reserve System governor and former CFO of First Tennessee National; William Boardman, formerly of Bank One and Visa International; D. Paul Jones, former CEO of Compass Bancshares; and Donald Powell, former chairman of the FDIC and former CEO of First National Bank of Amarillo.

All of the new board members are in their 60s, the AP notes. "You are going to have some real board meetings at Bank of America now, and this is no longer a good-old-boy, friend-of-Ken-Lewis board." The big question that the new board will have to confront early on is whether Ken Lewis should stay as CEO. 

For more:
- here's the AP article
- here's the Bloomberg article

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