Ford Appoints Former Bank of America Exec to Board of Directors

American manufacturer Ford announced today the appointment of James H. Hance, former CFO and vice chairman of Bank of America, to its board of directors, with immediate effect. Hance will be on the carmaker's Audit Committee, the Finance Committee, and the Nominating and Governance Committee.

“Jim brings to Ford’s board of directors an extremely strong financial background and a track record of success both as an executive and a director for several companies,” Ford chairman Bill Ford said about the new addition to the management team.

“We are very fortunate to further strengthen our board with someone of Jim’s stature and talent as we continue to make progress on our transformation.”

Hance's career began with Price Waterhouse, for which it worked for 17 years. He became chairman and co-owner of Consolidated Coin Caterers Corp in 1985. The 65-year old started working for NCNB, the predecessor of Bank of America, one year later. He spent 18 years with the financial institution.

Currently, Hance has quite a business card. He serves on the boards of Sprint Nextel, Cousins Properties, Morgan Stanley and Duke Energy. He earned a bachelor’s degree at Westminster College and a master’s degree in business at Washington University.

“I'm very excited to have this opportunity to serve on the Ford Board of Directors and to work with Bill Ford, Alan Mulally and the other directors,” Hance said about his new role. “This is a company that has aggressively restructured over the past few years and is profitably growing by serving its consumers around the world.”