Bank of America Appoints Co-Presidents, Signals Future Leadership Amidst Moynihan’s Extended Tenure
Bank of America Appoints Co-Presidents, Signals Future Leadership Amidst Moynihan’s Extended Tenure
Bank of America has announced the appointment of Dean Athanasia and Jim DeMare as co-presidents, a move widely seen as a significant step in shaping the bank’s future leadership. The appointments, made effective this past Friday, position Athanasia and DeMare at the forefront of strategic operations for the second-largest U.S. lender.
In a related development, Chief Financial Officer Alastair Borthwick has been elevated to an executive vice president role. CEO Brian Moynihan, 65, reaffirmed his commitment to lead Bank of America through the end of the decade, stating that the co-presidents will “work with me to drive broad-ranging, strategic efforts that are central to our long-term performance.” Moynihan, one of the banking industry’s longest-serving leaders, took the helm in 2010.
Industry analysts, including Mike Mayo of Wells Fargo, view these appointments as intensifying the race for Moynihan’s eventual successor. Mayo suggests a potential three-way contest involving Athanasia, DeMare, and Borthwick. Athanasia, 59, and DeMare, 56, will now oversee the company’s various business lines, with individual business heads reporting directly to them. Athanasia previously managed key divisions including retail and global commercial banking, while DeMare’s markets division has shown consistent revenue growth.
The strategic appointments come as Bank of America’s shares have risen 15% year-to-date, though trailing JPMorgan Chase’s 28% increase and the S&P bank index’s 20% gain. Analysts point to areas such as corporate and investment banking, private banking, and Merrill Lynch as needing performance improvement. Investors are also closely monitoring similar succession discussions at JPMorgan Chase regarding CEO Jamie Dimon.
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