Bank of America Corporation Announces Leadership Appointments

Strategic Insights -

Bank of America Corporation has announced the appointment of three key executives, effective immediately. Dean C. Athanasia, President, Regional Banking, and James P. DeMare, President, Global Markets, have been named Co-Presidents of the Corporation. Additionally, Alastair M. Borthwick, who has been serving as Chief Financial Officer since November 2021, has been appointed Executive Vice President of the Corporation in addition to his current role. This move comes after nearly a decade of service within the organization for Mr. Athanasia, over seven years for Mr. DeMare, and nearly 14 years for Mr. Borthwick. The details of their compensation arrangements can be found in the Corporation's 2025 Proxy Statement filed on March 10, 2025.

Key Takeaways:

  • Dean C. Athanasia, 59, has been appointed Co-President of Bank of America Corporation, bringing over 22 years of experience in various roles including President, Regional Banking, and President, Retail and Preferred and Small Business Banking.
  • James P. DeMare, 56, has also been appointed Co-President, Global Markets, with over 17 years of experience in roles like Global Co-Head of FICC Trading and Commercial Real Estate Banking.
  • Alastair M. Borthwick, 57, has taken on the additional role of Executive Vice President, maintaining his position as Chief Financial Officer since November 2021 and having previously served as President of Global Commercial Banking from October 2012 to October 2021.
  • Mr. Athanasia's background includes significant leadership roles dating back to 2011, while Mr. DeMare's experience in FICC Trading and Commercial Real Estate Banking began in 2015.
  • The details of the leadership appointments and any material plan, contract, or arrangement are described further in the Corporation's 2025 Proxy Statement, filed with the Securities and Exchange Commission on March 10, 2025.

Statistics:

  • Bank of America Corporation has a long history of executive changes and appointments, with Mr. Athanasia, Mr. DeMare, and Mr. Borthwick each bringing over a decade of experience.
  • Mr. Athanasia has served in critical leadership roles since 2011, including in Retail and Preferred and Small Business Banking from 2019.
  • Mr. DeMare's key responsibilities in FICC Trading and Commercial Real Estate Banking began in 2015 and have continued in his current role as President of Global Markets since 2020.
  • The Compensation Details section, as mentioned in the 2025 Proxy Statement, may provide more specific insights into the executives' new roles and compensation packages.

Sources:

  • Bank of America Corporation's 2025 Proxy Statement filed with the U.S. Securities and Exchange Commission on March 10, 2025.
  • Securities and Exchange Act of 1934.
  • Securities Exchange Act of 1934, as amended by Rule 12b-2 (17 CFR 240.12b-2).