Bank of America CFO exits in management shake-up

By MoneyTimes

Jul 24, 2015 09:11 AM EDT

Bank of America has restructured its top managerial positions. The latest major shuffle witnessed the departure of the bank's CFO Bruce Thompson and retirement of executive David Darnell, who has been with the bank for over 35 years and will retire in the fourth quarter as vice-chairman.

Paul Donofrio will take charge as CFO of the bank effective 1 August. With over 25 years of global corporate and investment banking experience, Donofrio has been working for the Charlotte-based Bank of America since 1999.

Thompson had put in over five years of service at Bank of America as chief risk officer and chief financial officer. 

In a statement, Bank of America CEO Brian Moynihan credited Bruce Thompson for positioning the bank on a "strong and stable financial foundation, with record levels of capital and liquidity."

Meanwhile, Terry Laughlin will take charge as head of the bank's global wealth and investment management operations and as vice-chairman.

The Wall Street Journal calls Thompson's exit as a surprise as he was expected to be the annointed successor of Moynihan.

While thanking both David and Bruce for their friendship and leadership, Moynihan also pointed out the bank's quarterly results announced last week, which according to him, had showed how far the bank has gone over the past few years. 

"The changes we are announcing reflect decisions two senior leaders have made about their own futures, and some other changes that will bolster, and in some cases, reposition members of the management team", the statement added.

The bank registered a net income of $5.32billion for the second quarter of 2015.

The other changes include Andrea Smith, global human resources executive, taking over as chief administrative officer, which is a newly-created position. Cathy Bessant will continue as head of technology and operations, but with a new title of chief operations and technology officer.

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