Bank of America announced a management overhaul on Friday, replacing its finance chief and adding five new members to the senior management team.
Alastair Borthwick, president of global commercial banking, will be promoted to CFO in the fourth quarter. Borthwick joined the company in 2005 as head of global investment-grade debt capital markets and was previously co-head of global capital markets. He spent the prior 12 years at Goldman Sachs.
The bank’s current CFO, Paul Donofrio, will become vice chair and will oversee sustainable finance and chair its sustainable markets committee.
The five new management team members are chief technology and information officer Aditya Bhasin, chief operations executive Tom Scrivener, global general counsel Lauren Mogensen, president of retail banking Holly O’Neill, and head of global commercial banking Wendy Stewart.
“These changes position the company with highly energized leaders who are committed to driving responsible growth through its second decade — delivering for our clients, communities, and shareholders and addressing major societal issues,” said chairman and chief executive officer Brian Moynihan. “As I shared with our board of directors, it will continue to be my privilege to serve with them as CEO as we drive responsible growth through its second decade.”
The management overhaul comes weeks after the bank announced chief operating officer Tom Montag would be retiring at the end of the year. Montag was considered the top candidate to succeed Moynihan if needed.