Summary
This Form 8-K filing from Bank of America Corporation (BAC) on January 15, 2010, primarily details significant changes in its senior management team. Notably, Joe L. Price is stepping down as Chief Financial Officer (CFO) to assume a new role leading the Consumer, Small Business and Card Banking division. This transition is effective February 1, 2010. Concurrently, Neil A. Cotty has been appointed as the interim CFO, also effective February 1, 2010. Mr. Cotty, who will continue as Chief Accounting Officer, brings extensive experience within Bank of America, having held various financial leadership roles. The company is initiating an external search for a permanent CFO. The filing also references a broader announcement of the senior management team made on January 12, 2010, with the accompanying press release attached as an exhibit.
Key Highlights
- 1Joe L. Price is resigning as Chief Financial Officer (CFO) of Bank of America, effective February 1, 2010.
- 2Joe L. Price will transition to lead the Consumer, Small Business and Card Banking division.
- 3Neil A. Cotty has been appointed as the interim CFO, effective February 1, 2010.
- 4Neil A. Cotty will continue in his current role as Chief Accounting Officer.
- 5Bank of America is commencing an external search for a permanent CFO.
- 6The filing refers to a broader senior management team announcement made on January 12, 2010.
- 7A news release dated January 12, 2010, detailing senior management changes is included as an exhibit.