BofA announces sweeping changes to executive team

Bank of America will soon have a new chief financial officer as part of several management changes that include the addition of three women to the executive leadership team.

The $3 trillion-asset company announced on Friday that Alastair Borthwick, president of global commercial banking, will become CFO in the fourth quarter. He will succeed Paul Donofrio, who will become vice chair and focus on its sustainable finance business and overseeing the company’s investments in minority depository institutions and private equity funds.

Donofrio has been CFO for six years.

Lauren Mogensen, formally head of compliance and operational risk, was named global general counsel. She will replace David Leitch, who plans to retire next year.

The company said Holly O’Neill had been promoted to president of retail banking. She previously served as chief client care executive and head of consumer client services, overseeing the company’s contact centers. 

Wendy Stewart was promoted to president of global commercial banking. She had been co-head of global commercial banking in the southeast and head of wholesale credit strategy.

The company also said Aditya Bhasin would become its chief technology and information officer. Bhasin has been chief information officer and head of technology for consumer, small business, wealth management and employee technology. 

Tom Scrivener was named chief operations executive, where he will continue to oversee forgiveness of Paycheck Protection Program loans. He was head of consumer, small business and wealth operations. 

Finally, the company said that Cathy Bessant had been named vice chair of global strategy. Bessant, who had been the chief technology and operations officer, will move to Paris to work with the company’s boards in Europe.

“Our management team going forward will include individuals with many years of outstanding leadership in our company and the industry, increased global and international expertise, and more diversity of gender and race than ever before in our history,” Brian Moynihan, the company’s chairman and CEO, said in an internal letter.

Bank of America also said that Andrea Smith, its chief administrative officer, will retire at the end of this year. She plans to create and chair a new alumni council to focus on connecting and engaging Bank of America retirees and former employees as clients, advocates and community leaders. 

The changes come on the heels of the announcement that Anne Finucane, Bank of America’s vice chairman, and Thomas Montag, its chief operating officer and president of global banking and markets, will retire at the end of 2021.