Bank of America Corp. Chairman
Charles “Chad” Gifford, former chief executive of
FleetBoston Financial Corp., may leave the company, Bloomberg News reported Tuesday.
Executives at Charlotte, North Carolina-based
Bank of America tends to
appoint the chief executives of acquired banks to serve as
chairmen, remaining in the post for no more than 12 to 18
months, the report said.
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Gifford sold about 200,000 shares of Bank of America
worth about $17 million last Wednesday, regulatory filings obtained by the Boston Globe show. Gifford reportedly told the Globe in an
interview that he used cash produced by the sale to exercise
stock options and pay capital gains taxes. After the
transactions, Gifford had roughly 60,000 more shares than he
started with, the paper said.
Bloomberg News
