Mukesh Ambani will step down as the board of director of the Bank of America (BofA) and join its global advisory council,the bank announced on Friday. The chairman and MD of Reliance Industries has decided not to seek another term on the BofAs board at its 2013 annual meeting of stockholders,BofA said in a statement.
He has served on the Bank of America board of directors since March 2011 and became a director prior to the establishment of the Global Advisory Council.
Ambani will join 13 other internationally recognised business,academic and public policy leaders who serve on the Global Advisory Council. The council,chaired by BofA CEO Brian Moynihan,is a non-fiduciary body that shares expertise and insights on the banks global engagement.