A Leadership Shuffle at BofA Puts Succession in Sharper Focus

Bank of America on Friday announced a management shake-up that sheds new light on some of the executives positioned to one day replace longtime CEO Brian Moynihan.

The bank elevated three veteran executives to roles that give them expanded oversight over the bank. Jim DeMare, head of the bank’s trading business, and Dean Athanasia, president of the regional bank business, were named co-presidents. Alastair Borthwick, the company’s CFO, was named executive vice president.

“In their new roles as co-presidents, Dean and Jim will work with me to drive broad-ranging, strategic efforts that are central to our long-term performance,” Moynihan said in a memo announcing the change. “They will assume overall responsibility for the company’s business lines, and the individual business heads will report to them,” Moynihan said.

Moynihan, who has led the bank since 2010, has given no indication of stepping down anytime soon. Succession is ever a hot topic on Wall Street, however, and while speaking at a conference in 2023, he said a plan is in place without naming the people on the list.

“We have a succession-planning exercise that goes on,” Moynihan said at the Reuters Next conference, adding that “nothing is left to chance” on his potential replacement.

Since joining BofA in 2008, DeMare has become a regular feature on the company’s earnings calls, with Moynihan often giving him a shoutout for a job well done.

On last year’s third-quarter earnings call, for example, Moynihan touted a 35% improvement in sales and trading revenue in the past three years. “Good work by Jimmy DeMare and the team,” he said.