Bank of America announced the selection of a new lead independent director to succeed Jack Bovender, according to a Thursday press release.

The independent members of the company’s board of directors voted unanimously to choose Lionel Nowell as lead independent director to replace Bovender when he retires in April 2021.

Bovender, 75, has been an independent member of Bank of America’s board of directors since January 2013. He was promoted to lead independent director in 2014. Bovender previously served as the CEO and chairman of HCA Healthcare, Inc., a for-profit health care facilities provider.

“I want to thank Jack for his dedication to our company and his deep commitment to strong corporate governance,” said Bank of America chairman and CEO Brian Moynihan.

“Jack has worked tirelessly to build a forum for key stakeholders to share their views with management, and we look forward to continuing the industry-leading shareholder engagement activities that he helped to put in place,” Moynihan added.

Nowell, 65, has also been an independent member of the board of directors since January 2013.

He is also a member of the boards of directors at Ecolab Inc. and Textron Inc. Nowell served as SVP and treasurer of PepsiCo for nearly eight years until he retired from the position in 2009.

“The team at Bank of America is looking forward to working more closely with Lionel as we continue to drive responsible growth; his extensive experience and leadership across many highly regulated global businesses make him an ideal candidate to succeed Jack,” Moynihan said.

“All of us who have had the pleasure of working with Lionel appreciate his leadership skills, his engaging personality, and his ability to build consensus among directors,” Bovender added.

Nowell is a member of Bank of America’s Audit Committee and the Corporate Governance, ESG and Sustainability Committee, and he will continue these roles in the transition.

Bank of America (BAC) shares were last trading up 1.23 percent, or 28 cents, at $23.55.