Summary
This 8-K filing from Bank of America (BAC) on February 26, 2015, primarily announces changes to its Board of Directors and the appointment of a new Chief Accounting Officer. Two long-standing directors, Charles O. Holliday, Jr. and Clayton S. Rose, have decided not to stand for re-election at the upcoming 2015 annual meeting. This signals a transition in board composition, with all other current directors, excluding these two, nominated for re-election. Furthermore, the company has appointed Rudolf A. Bless as the new Chief Accounting Officer, effective March 1, 2015. Mr. Bless, who joined BAC as Deputy Chief Accounting Officer in November 2014, previously held senior accounting and finance roles at Credit Suisse. His predecessor, Neil A. Cotty, will remain with the company to facilitate the transition. These executive changes, particularly the leadership transition in the accounting function, are key points for investors to monitor.
Key Highlights
- 1Two directors, Charles O. Holliday, Jr. and Clayton S. Rose, will not seek re-election at the 2015 annual meeting.
- 2All current directors, except Mr. Holliday and Dr. Rose, have been nominated for re-election.
- 3Neil A. Cotty is stepping down as Chief Accounting Officer, effective March 1, 2015.
- 4Rudolf A. Bless has been appointed as the new Chief Accounting Officer, effective March 1, 2015.
- 5Mr. Bless joined Bank of America as Deputy Chief Accounting Officer in November 2014.
- 6Prior to joining BAC, Mr. Bless served as Chief Accounting Officer and Deputy Chief Financial Officer at Credit Suisse Group AG.