Bank of America appoints New Head of Independent Director Successor

Lionel Nowell has been named head of independent director successor of Bank of America, which is one of the world’s leading financial institutions, effective in April 2021.

According to the bank’s release, Nowell will replace Jack Bovender as its new lead independent director. Former Jack Bovender will retire from Bank of America after serving the company as lead independent director for almost 7 years. 

Nowell will still be based in the firm’s Charlotte, North Carolina area and will continue to work as a member of the Audit and Corporate Governance, ESG, and Sustainability Committees at the bank until his new role.

Nowell is a senior financial executive with over 30 years of broad experience in treasury, accounting, auditing and financial management. According to public information presented on his LinkedIn, Nowell specializes in helping companies develop and achieve financial management and strategic business goals. 

He brings an extensive public board experience including serving as Financial Expert in Darden, chair of Audit Committee and Member of Corporate Governance in Reynolds American and Textron Inc. and Finance&Policy committees.

Nowell has been an independent director at Bank of America since January 2013.

“Throughout his career, Lionel has demonstrated strong business acumen and extensive risk management and strategic planning skills. His extensive experience and leadership across many highly regulated global businesses make him an ideal candidate to succeed Jack.” said Chairman and Chief Executive Officer Brian Moynihan. 

About Bank of America

As one of the world’s leading financial institutions, Bank of America serves individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.