BofA board 'deeply split' over new CEO

NEW YORK: Bank of America Corp's board was so split over whom to hire as chief executive officer that the top external candidate, Robert Kelly, withdrew instead of trying to unite the factions, people familiar with his thinking said.

Kelly, 55, chairman and CEO of Bank of New York Mellon Corp, dropped out this earlier week after concluding directors were divided between those who sought an outsider and those who preferred an internal choice, one of the people said, speaking anonymously because the talks were private.

Kelly also questioned Bank of America's decision in April to separate the chairman and CEO roles, the people said.