Business Week: A Banker in Need of a Bunker.Business Editors NEW YORK--(BUSINESS WIRE)--April 20, 2000 Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Corp. (BAC BAC abbr. blood alcohol concentration ) CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Hugh L. McColl faces heavy criticism over his $50 million pay package-and allegations that he is stacking the board of the nation's largest bank with cronies who lack the knowhow to oversee $630 billion in assets, Business Week reports in its May 1 issue. The circumstances surrounding the departure of board member Shirley Young, who leaves this month, are a likely lightning rod lightning rod, a rod made of materials, especially metals, that are good conductors of electricity, which is mounted on top of a building or other structure and attached to the ground by a cable. for controversy at BOA's April 25 shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. . Young, a former General Motors Corp. vice-president who is also on the Bell Atlantic Corp. board, has been critical of both the board's governance and McColl's pay, sources familiar with the situation say. The bank contends that Young was automatically dropped from the board in January after retiring in December, following a bank rule that requires board members to step down if they leave their principal occupation. But Business Week cites "well-placed sources" who say that Young was forced out. |
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