Bank of America has appointed Mukesh Ambani, chairman and managing director of India-based Reliance Industries, as a director on its board. He will stand for election at Bank of America’s annual shareholder meeting.
Ambani, who is 53, is the first foreigner to join the BoA board. "Bank of America's shareholders will benefit from the global perspective Ambani brings to our board," said Charles Holliday, Bank of America’s chairman.
Ambani’s Reliance Industries is India's largest private-sector company. It currently has a market capitalisation in excess of $70 billion and had a turnover last year of $18.8 billion. He has a bachelor degree in chemical engineering from the University of Bombay and attended the Stanford Business School. He joined Reliance, founded by his father Dhirubhai Ambani, in 1981.
"Ambani has a reputation for strategic vision and operational excellence," said Brian Moynihan, Bank of America chief executive officer. "The management team looks forward to benefiting from his judgment and experience."
In appointing Ambani, Bank of America has added a board member who already wears a number of hats other than his Reliance Industries one. Ambani is a member of the Indian Prime Minister's Council on Trade and Industry. He is a member of the Indo-US CEOs Forum, the co-chair of the Japan-India Business Leader's Forum, and India-Russia CEO Council. He is also a member of the UN advocacy group supporting the implementation of the millennium development goals and serves on the foundation board of the World Economic Forum.
