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Bank of America Welcomes New Board Members

In a significant move, Bank of America Corporation has appointed Jim Fitterling and Bill Thomas to its Board of Directors, effective immediately. This decision aims to bolster the board's expertise and leadership.

Chairman and CEO Brian Moynihan expressed enthusiasm about the appointments, highlighting the vast experienced backgrounds of both new members. He noted Jim’s extensive history with a complex industry and substantial board credentials, while Bill brings deep financial expertise honed through years of global advisory services.

Profiles of the New Directors

Jim Fitterling

Jim Fitterling, 65, currently serves as the Executive Chairman of the Board of Directors of Dow Inc., a global leader in materials science. His journey with Dow began over 40 years ago after graduating from the University of Missouri-Columbia with a bachelor's degree in mechanical engineering. From 2018 to 2026, he led Dow as CEO, where he steered the company towards growth markets while managing major international operations and supply chains. During his leadership, Fitterling has also been recognized for his commitment to innovation and customer-centric strategies.

Additionally, Fitterling has served on the Board of Directors for 3M since 2021, acting as lead director starting in 2024. His involvement doesn't end there; he has chaired esteemed organizations such as the National Association of Manufacturers and the American Chemistry Council, alongside his participation in the World Economic Forum’s International Business Council.

Bill Thomas

Bill Thomas, 58, has an illustrious background as the former Global Chairman and CEO of KPMG International. From 2017 to 2026, he oversaw a vast network of 265,000 professionals spread across 143 countries, leading KPMG through a phase of substantial transformation. His impressive career trajectory included roles such as Chairman of KPMG's Americas region and CEO of KPMG in Canada.

Equipped with nearly four decades of experience in audit and financial reporting, Thomas is a chartered accountant and holds a Bachelor of Science degree in chemistry from the University of British Columbia. His strategic leadership has positioned KPMG for significant growth, particularly in technology and AI capabilities. He has also contributed to various esteemed councils, including the International Integrated Reporting Council and the Global Public Policy Committee.

Looking Forward

According to Lionel Nowell III, the Lead Independent Director at Bank of America, the addition of Fitterling and Thomas to the board represents a strategic enhancement to the oversight of the company's long-term directions. Both individuals bring complementary experiences that will enrich the board's perspective and effectiveness.

Moynihan emphasized the importance of a strong succession planning and board refreshment process, which has ensured that only exceptional leaders join the board. The integration of Fitterling and Thomas is expected to provide significant contributions to discussions surrounding the company’s future growth and operations.

Bank of America plays a vital role in the global financial landscape, providing banking, investing, asset management, and risk management products and services to a diverse clientele. As a leader in wealth management and corporate banking, the addition of these two seasoned executives is expected to support Bank of America's growth strategy.

In conclusion, the strategic appointments of Jim Fitterling and Bill Thomas to the Board of Directors signify Bank of America's commitment to enhancing its leadership with experienced professionals who bring deep industry insights and a track record of success. The financial institution continues to position itself as a leader in the banking sector, providing exceptional service and innovative solutions to its clients around the world.