Walter Massey, the newly elected chairman of Bank of America’s board, might turn out to be little more than a one-year placeholder in that position.

According to BofA’s corporate governance guidlines, directors who have reached the age of 72 are not allowed to be nominated for a new term. Mr Massey turned 71 last month, and will be 72 by the time of next year’s shareholder meeting, so it is not clear whether he would be allowed to stay on for a second full year as chairman.