8-KLeadership ChangesExhibits & Filings

BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Jul 25, 2019)

Filed July 25, 2019For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

Bank of America Corporation announced a key addition to its Board of Directors, appointing Ms. Denise L. Ramos, effective immediately. Ms. Ramos brings extensive executive experience, having previously served as CEO, President, and Director of ITT Inc. Her appointment signifies a strengthening of the board's expertise, particularly in areas relevant to financial oversight and strategic decision-making. Investors can view this as a positive step towards enhancing corporate governance and board composition. Ms. Ramos has also been appointed to the Audit Committee and the Compensation and Benefits Committee of the Board. These committee assignments are significant as they place her in critical roles for overseeing financial reporting, internal controls, and executive compensation practices. Her existing board memberships at Phillips 66 and United Technologies Corporation further underscore her qualifications and diverse industry perspective. Compensation for Ms. Ramos as a non-employee director will follow the company's standard program, including prorated restricted stock and cash awards.

Key Highlights

  • 1Bank of America appointed Ms. Denise L. Ramos to its Board of Directors, effective July 25, 2019.
  • 2Ms. Ramos is the former CEO, President, and Director of ITT Inc.
  • 3She has been appointed to the Board's Audit Committee and Compensation and Benefits Committee.
  • 4Ms. Ramos currently serves on the boards of Phillips 66 and United Technologies Corporation.
  • 5Her compensation will be in accordance with the company's non-employee director compensation program.
  • 6Compensation will include prorated restricted stock and cash awards based on her appointment date.
  • 7The company furnished a news release as an exhibit announcing this appointment.

Frequently Asked Questions

Denise L. Ramos is a seasoned executive with a strong background in corporate leadership. She previously held the positions of Chief Executive Officer, President, and Director at ITT Inc. She also currently serves on the boards of directors for Phillips 66 and United Technologies Corporation.

Ms. Ramos has been appointed to two key committees of Bank of America's Board of Directors: the Audit Committee and the Compensation and Benefits Committee.

Ms. Ramos will receive compensation as a non-employee director according to Bank of America's established non-employee director compensation program. This will include restricted stock and cash awards, prorated from her appointment date until the company's next annual stockholders' meeting.

The appointment of a director with significant executive and board experience, like Ms. Ramos, can enhance corporate governance, provide valuable strategic insights, and strengthen oversight in critical areas such as financial reporting and executive compensation. This can be viewed positively by investors as it contributes to the overall strength and effectiveness of the company's leadership.