CHARLOTTE, N.C.--(BUSINESS WIRE)--Jul. 22, 2015--
Bank of America Chief Executive Officer Brian Moynihan today announced
changes to the company’s management team.
“The quarterly results we announced last week showed once again how far
we have come on our journey over the past few years,” Moynihan said.
“The changes we are announcing reflect decisions two senior leaders have
made about their own futures, and some other changes that will bolster,
and in some cases, reposition members of the management team.”
Chief Financial Officer Bruce Thompson has decided to step down after 5
½ years as chief risk officer and chief financial officer. Global Human
Resources Executive Andrea Smith will assume a newly created position as
chief administrative officer. Vice Chairman David Darnell has decided to
retire by the fourth quarter, after more than 35 years with the company.
Paul Donofrio, who has been with Bank of America since 1999 and has 25
years of global corporate and investment banking experience, will become
CFO, effective August 1.
“As CFO, Bruce has put our company on a strong, stable financial
foundation, with record levels of capital and liquidity,” said Moynihan.
“David is mentor and friend to me, our management team, and so many
leaders of our company, past and present. On behalf of all of us, I
thank both David and Bruce for their friendship and leadership.”
Prior to being named Strategic Finance Executive for Bank of America,
serving as CFO of Consumer Banking and Global Wealth and Investment
Management (GWIM), Donofrio was co-head of Global Corporate and
Investment Banking, co-head of Global Investment Banking, and head of
Global Corporate Banking. Thompson will assist Donofrio and remain on
the management team until the end of the year.
Smith, who joined Bank of America in 1988, is taking on a broad
portfolio of responsibilities that reflect her deep understanding of the
company and her management expertise. As CAO, she will be responsible
for Global Corporate Strategy; the company’s market president and
enterprise business and community engagement organization; Legacy Assets
and Servicing; Global Corporate Services; and Corporate Security,
Executive Protection and Aviation.
Smith also will partner with Terry Laughlin and begin a transition of
responsibility for the company’s annual Comprehensive Capital and Review
(CCAR) submission and Global Resolution and Recovery Planning (GRRP).
Laughlin remains responsible for the resubmission of the 2015 CCAR. To
ensure a smooth transition, Laughlin will continue to partner with Smith
to drive the spring 2016 CCAR submission.
Replacing Smith as Global Human Resources executive is Sheri Bronstein,
who will join the management team and report to Moynihan. Bronstein has
been the human resources executive for the company’s Global Banking and
Global Markets businesses. In her 15 years as a senior human resources
executive, she has held leadership roles supporting several lines of
business, and is a member of the company’s Global Diversity and
Darnell, who currently oversees GWIM, plans to retire in the fourth
quarter of this year. Upon Darnell’s retirement and after the company’s
2015 CCAR submission work is completed, Terry Laughlin will assume
responsibilities as leader of GWIM and be appointed vice chairman.
Laughlin, who is currently president of Strategic Initiatives, has held
various senior leadership positions with Bank of America and Merrill
Lynch, including serving as chief risk officer for Bank of America, and
chairman and chief executive officer of Merrill Lynch Bank & Trust.
In addition to the management changes announced above, Moynihan
announced three senior executives will receive new titles in line with
the evolution of their responsibilities.
Anne Finucane is appointed vice chairman and continues as the company’s
global chief strategy and marketing officer. This reflects additional
responsibilities Finucane has recently taken on for general oversight of
the company’s corporate governance process, working closely with the
Board of Directors in governance matters and outreach to stockholders in
the area of corporate governance practice.
Cathy Bessant remains head of the company’s technology and operations
areas. The position is re-designated chief operations and technology
officer, effective immediately.
Gary Lynch continues to serve as global general counsel and is appointed
Bank of America
Bank of America is one of the world's leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 48 million
consumer and small business relationships with approximately 4,800
retail financial centers, approximately 16,000 ATMs, and award-winning
online banking with 31 million active users and approximately 18 million
mobile users. Bank of America is among the world's leading wealth
management companies and is a global leader in corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to approximately
3 million small business owners through a suite of innovative,
easy-to-use online products and services. The company serves clients
through operations in all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 countries. Bank of America
Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Source: Bank of America
Investors May Contact:
Lee McEntire, Bank of America, 1.980.388.6780
Blum, Bank of America (Fixed Income), 1.212.449.3112
Lawrence Di Rita, Bank of America, 1.202.442.7589