Summary
This 8-K filing from Bank of America Corporation, dated July 23, 2009, primarily announces a change in its Chief Accounting Officer. Craig Rosato will be stepping down from the role, effective July 27, 2009. The company has appointed Neil A. Cotty to succeed Mr. Rosato in this critical financial position. Mr. Cotty is a seasoned executive within the organization, having joined NationsBank in 1996 and holding various roles. Notably, he previously served as Bank of America's Chief Accounting Officer from April 2004 to December 2008. Most recently, he was the Chief Financial Officer for the Global Banking and Global Wealth and Investment Management businesses since January 2009. This appointment suggests a focus on experienced internal leadership for financial reporting and oversight during a potentially challenging economic period.
Key Highlights
- 1Change in Chief Accounting Officer: Craig Rosato will depart from his role as Chief Accounting Officer.
- 2Appointment of Successor: Neil A. Cotty has been appointed as the new Chief Accounting Officer.
- 3Effective Date: The leadership change is effective July 27, 2009.
- 4Experienced Internal Candidate: Neil A. Cotty has prior experience as Chief Accounting Officer (2004-2008) and has been with the company since 1996.
- 5Recent Role: Cotty most recently served as CFO for Global Banking and Global Wealth and Investment Management.
- 6Exhibit Filed: A news release detailing these executive changes is attached as Exhibit 99.1.
- 7Focus on Financial Oversight: The appointment signals continuity in financial reporting and accounting practices.