Joseph Prueher and Tommy R. Franks resigned from the Bank of America Corp. (BAC) board this week, increasing to seven the number of directors who have left since late April amid calls for improved corporate governance at the banking giant.
The latest departures could deepen scrutiny of Chief Executive Kenneth Lewis, who lost his post as chairman earlier this year. The company earlier this month added four outside directors with experience in banking or financial oversight, a move aimed at satisfying suggestions from federal regulators.
The latest resignations were effective Wednesday. The board now has 16 members.
"Each director's decision to resign was not as a result of any disagreement with the corporation or its management," the company said in a Securities and Exchange Commission filing.
Prueher, 66 years old, is a retired admiral in the U.S. Navy who was named to the board in January, while Franks, 63, is a retired general in the U.S. Army who oversaw all combat operations in Iraq and Afghanistan in 2003. He joined the board in 2005.
Shares fell 2 cents to $13.20 in after-hours trading and are off 6% so far this year.
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