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BoA Board Elects New Chairman

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Bank of America Corp. has its third chairman in 12 months.

A year ago, shareholders of the Charlotte, N.C.-based company voted to strip then chief executive officer Kenneth D. Lewis of his board leadership position. The board of directors at the time elected Dr. Walter E. Massey as the new chairman.

Today, following a shareholder meeting, the bank announced that the board elected Charles “Chad” O. Holliday Jr. as the new chairman, succeeding Massey.

“He is a terrific partner on our board,” BoA CEO Brian T. Moynihan said in today’s statement, “and will be an excellent chairman.”

Holliday first joined BoA’s board in September 2009 and has served as a member of the board of directors of Deere & Co. since 2007. He was chairman for a decade at E.I. du Pont de Nemours and Co., where he also spent 10 years as CEO.

“During the annual meeting of shareholders held today, the proposed 13 directors were elected to the board by comfortable margins,” the statement said.

Holliday take the helm on the board of a company that was the No. 2 U.S. residential lender last year.

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