Summary
This Form 8-K filing by Bank of America Corporation (BAC) on December 1, 2006, primarily announces a significant change in its senior financial leadership. Alvaro G. de Molina has announced his intention to resign as Chief Financial Officer (CFO), a transition that will be completed by the end of the first quarter of 2007, with his departure from the CFO role effective December 31, 2006. Mr. de Molina will assist in the handover process during this period. The company has appointed Joe Price, a long-serving executive with the company since 1993, to succeed Mr. de Molina as the new CFO, effective January 1, 2007. Mr. Price brings extensive experience across various financial and risk management roles within Bank of America, most recently serving as the Risk Management Executive for Global Corporate and Investment Banking. This leadership change signals a new chapter for the company's financial operations.
Key Highlights
- 1Alvaro G. de Molina announced his intention to resign as Chief Financial Officer (CFO) of Bank of America.
- 2Joe Price has been appointed as the new CFO, succeeding Mr. de Molina.
- 3Mr. Price's appointment is effective January 1, 2007.
- 4Mr. de Molina will assist in the transition through the end of the first quarter of 2007 and will leave the CFO role on December 31, 2006.
- 5Joe Price has been with Bank of America since 1993 and has held various senior finance and risk management positions.
- 6The filing includes an attached press release (Exhibit 99.1) detailing these leadership changes.