DOW JONES NEWSWIRES
Money-management titan BlackRock Inc. (BLK) named two Bank of
America Corp. (BAC) executives to its board, replacing two others
who stepped down.
The new directors are Sallie Krawcheck, 44 years old, a former
Citigroup Inc. (C) chief financial officer who is head of BofA's
global wealth and investment management, and Mark Linsz, 45,
corporate treasurer. They replace Brian Moynihan, who runs the
consumer bank and credit cards, and Daniel Sontag, head of the
bank's brokerage force and one of the last high-profile holdovers
from Merrill.
"We are very pleased to welcome Sallie and Mark as board members
and look forward to the new business perspectives and talents each
of them brings to the company," said BlackRock Chairman and Chief
Executive Laurence Fink.
Moynihan and Krawcheck have been mentioned as possible
successors to BofA Chief Executive Ken Lewis, who recently
announced he will retire Dec. 31.
Under the terms of BlackRock's stockholder agreement with
Merrill Lynch, the brokerage may choose two directors. BofA
completed its purchase of Merrill in January.
BlackRock, founded in 1988, merged with Merrill Lynch Investment
Managers in 2006 in a move that more than doubled its assets under
management.
BlackRock's board has 16 members, 10 of whom aren't affiliated
with the company.
BlackRock's shares slid 0.4% to $215.71 in after-hours trading
while BofA's shares fell 2 cents to $17.48.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com