8-KLeadership Changes

BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Feb 28, 2025)

Filed February 28, 2025For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

Bank of America Corporation (BAC) has announced a change in its Chief Accounting Officer role, effective March 1, 2025. Rudolf A. Bless will be stepping down from this position but will remain with the company to facilitate the transition of his successor, Johnbull Okpara. Johnbull Okpara, who joined BAC in November 2024 as Incoming Chief Accounting Officer, has been officially appointed as the new Chief Accounting Officer. Mr. Okpara brings extensive experience from his previous roles, including Chief Accounting Officer and Controller at Citigroup Inc. and senior financial positions at Morgan Stanley. His compensation package for the 2025 performance year includes an annual salary of $600,000 and an incentive award of at least $5,400,000, pending Compensation and Human Capital Committee approval.

Key Highlights

  • 1Rudolf A. Bless is stepping down as Chief Accounting Officer, effective March 1, 2025.
  • 2Rudolf A. Bless will continue employment with BAC to aid in the transition.
  • 3Johnbull Okpara has been appointed as the new Chief Accounting Officer, effective March 1, 2025.
  • 4Johnbull Okpara joined BAC in November 2024 as Incoming Chief Accounting Officer.
  • 5Mr. Okpara has prior experience as Chief Accounting Officer and Controller at Citigroup Inc.
  • 6Mr. Okpara's 2025 compensation includes a $600,000 base salary and an incentive award of no less than $5,400,000.
  • 7The incentive award for Mr. Okpara is subject to approval by the Compensation and Human Capital Committee.

Frequently Asked Questions

The filing states that Mr. Bless will no longer serve as Chief Accounting Officer, but he will continue his employment with the Corporation to assist in the transition of his successor, Johnbull Okpara. Specific reasons for the role change were not disclosed.

Johnbull Okpara has been appointed as the new Chief Accounting Officer. He joined Bank of America in November 2024 as Incoming Chief Accounting Officer. Previously, he served as Chief Accounting Officer and Controller at Citigroup Inc. and held senior financial roles at Morgan Stanley.

For the 2025 performance year, Johnbull Okpara will receive an annual salary of $600,000. He is also set to receive an incentive award of no less than $5,400,000, subject to approval by the Compensation and Human Capital Committee of the Board of Directors.

The appointment of Johnbull Okpara as Chief Accounting Officer is effective March 1, 2025. He has been with the company since November 2024 in an 'Incoming Chief Accounting Officer' capacity to prepare for this transition.