Bank of America names 2 new board members

Bank of America said Wednesday it has named two new members to its board of directors.

Arnold Donald, 58, co-founded Merisant, a private company that makes tabletop sweeteners, and was CEO from 2000 to 2003. Before that, he spent more than 20 years at Monsanto Co., a public company focused on biotechnology for agriculture. He is now an investor and management consultant through his own private firm.

Lionel L. Nowell III, 58, was treasurer of Pepsico from 2001 to 2009. Before Pepsi, he held strategy and finance jobs at RJR Nabisco, the consumer products company Diageo and Pizza Hut.

A board's job is to act as an independent, third-party boss for a company's top management, hiring and firing CEOs, reining in risk and representing shareholders.