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Ford Names Former Bank of America CFO Hance to Board

Ford Motor Co., the automaker whose founding family holds 40 percent voting control, named former Bank of America Corp. Chief Financial Officer James H. Hance Jr. to its board as it seeks to reduce debt on its balance sheet.

Hance, 65, increases the board to 14 members, Dearborn, Michigan-based Ford said today in a statement. Hance retired from Bank of America in 2005 after 18 years with the company and is now the non-executive chairman of Sprint Nextel Corp.