BofA’s Board Swells to 18 Directors After Donald, Nowell Added

Bank of America Corp., the second- largest U.S. bank by assets, named the ex-chairman of a tabletop sweetener company and a former treasurer of PepsiCo Inc. (PEP) to expand its board of directors.

Arnold Donald, 58, who served as chairman and chief executive officer of Merisant Co., and Lionel Nowell III, PepsiCo’s treasurer until 2009, joined the 16-person board immediately, the Charlotte, North Carolina-based company said today in a statement.

Bank of America, run by CEO Brian T. Moynihan, is overhauling the firm’s board as directors Donald Powell, Charles Rossotti and Virgis Colbert approach or exceed the retirement age of 72. The firm named four directors in August, including former Deloitte LLP Chairman Sharon Allen. Other directors came from the defense, health care and pharmaceutical industries.

Donald was CEO of Chicago-based Merisant, a privately held maker of sweeteners from 2000 to 2003, and before that spent more than two decades at Monsanto Co. (MON) Nowell was treasurer of Purchase, New York-based PepsiCo from 2001 to 2009. He was previously a strategy and business executive of RJR Nabisco Inc.

To contact the reporter on this story: Hugh Son in New York at hson1@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Rick Green at rgreen18@bloomberg.net

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