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 Inclusion Council.
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 vice chairman.
Bank of AmericaBank 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.
Visit the Bank of America newsroom for more Bank of America
news.
www.bankofamerica.com
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Investors May Contact:Lee McEntire, Bank of America,
1.980.388.6780Jonathan Blum, Bank of America (Fixed Income),
1.212.449.3112Reporters May Contact:Lawrence Di Rita, Bank of
America, 1.202.442.7589
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