Thursday, October 30, 2014

Former BofA chairman to chair Shell's board

Chad Holliday Jr. is going from helping Bank of America recover from the financial crisis to helping Royal Dutch Shell deal with slumping oil prices.

Holliday, who was Bank of America's chairman until CEO Brian Moynihan replaced him earlier this month, was named chairman of Shell on Thursday. Holliday is expected to take over the post next year, replacing Jorma Ollila, who is stepping down after nine years as chairman.

A spokesman for Charlotte-based Bank of America could not be immediately reached for comment Thursday on whether Holliday will continue to be a board member for the bank.

Holliday has served on the bank's board since 2009 and became director in 2010.

He is currently chairman of Shell's Corporate and Social Responsibility Committee and is a member of its Remuneration Committee, the Netherlands-based oil giant said.

Holliday, former CEO of chemical company DuPont, also serves on the board of Deere and Co., maker of John Deere equipment.

In handing Moynihan the chairman title, Bank of America's board rolled back a rare victory for shareholders who voted in 2009 to split the CEO and chairman roles in the fallout from the bank’s handling of its Merrill Lynch purchase.

After the vote, then-CEO Ken Lewis gave up the chairman role and later retired by year’s end.