facebook
twitter
rss
account
search
search
 

BOFA looking not near, but far, for CFO

Jan. 13, 2010 at 9:44 AM   |   Comments

| License Photo
CHARLOTTE, N.C., Jan. 13 (UPI) -- Bank of America's new Chief Executive Officer Brian Moynihan said the U.S. financial giant's next chief financial officer would come from outside the bank.

Moynihan said this week that current CFO Joe Price would be moved over Feb. 1 to lead the bank's consumer banking division.

"I just gave him the job I had before this, so it's obvious I have great confidence in his ability," Moynihan said, The Charlotte Observer reported Wednesday.

Bank of America said executive Neil Cotty would serve as interim CFO, which stops the forward shuffle, that took place at General Motors Co. recently when junior executives moved up on a daisy-chain after CEO Fritz Henderson abruptly resigned.

NAB Research analyst Nancy Bush said Moynihan was aiming for "stability and continuity right now more than anything else."

Looking beyond Bank of America corridors to find a new CFO was a fair ploy, however, she said.

"You can get a management team that's too inbred, so I think it's a good idea that they have at least one major player from the outside," Bush told the Observer.

© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Tesla could face sales ban in Michigan Tesla could face sales ban in Michigan
2
Early completion of refit of Italian aircraft carrier Early completion of refit of Italian aircraft carrier
3
British Reaper UAVs join the fight against Islamic State British Reaper UAVs join the fight against Islamic State
4
Saudis probe oil pipeline blaze Saudis probe oil pipeline blaze
5
Iran stands by Pakistani gas pipeline Iran stands by Pakistani gas pipeline
Trending News
Around the Web
x
Feedback