BofA replacing CIO with consumer banking executive

Wed Apr 11, 2012 6:39pm EDT

A sign for a Bank of America office is pictured in Burbank, California August 19, 2011. REUTERS/Fred Prouser

A sign for a Bank of America office is pictured in Burbank, California August 19, 2011.

Credit: Reuters/Fred Prouser

(Reuters) - Bank of America Corp's (BAC.N) chief information officer is leaving the company and will be replaced by a consumer banking executive, the bank said on Tuesday.

Marc Gordon, the departing CIO, said in a statement that he was looking forward to a "personal change in direction" but didn't disclose his future plans. He joined the second-largest U.S. bank in 2004 from electronics retail Best Buy Co Inc (BBY.N).

Last year, he announced a number of key hires, including a new chief information security officer and new chief data officer.

Laurie Readhead, his replacement, most recently was in charge of consumer bank efficiency efforts and divestitures. She will report to Cathy Bessant, head of global technology and operations.

Readhead has been with the bank since 1991 and has held a variety of finance and consumer banking positions. In previous roles, she oversaw e-commerce, ATMs and call centers, as well as small-business banking.

In October, as part of a restructuring of the bank's executive ranks, she was named consumer market and distribution optimization executive, reporting to co-Chief Operating Officer David Darnell.

Bank of America is in the midst of an efficiency program called Project New BAC that aims to eliminate 30,000 jobs in consumer banking and technology areas over the next few years. A second phase of the program will focus on wealth management, commercial banking and capital markets businesses, and associated support functions.

The bank has said it will finalize plans for the second phase this month and could release more details when it reports earnings on April 19.

(Editing by Steve Orlofsky)

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Comments (1)
cloudzone wrote:
Did Marc Gordon essentially appoint himself out of a job? Given that he made appointments of ‘new chief information security officer and new chief data officer’ did this reduce the need for a CIO at all? Is this the same thing which we’re seeing at Starbucks ? The article doesn’t expressley say whether Laurie Redhead will have the title of CIO. There seems to be a trend toward the CIO role being changed, or segmented, as data and the IT structures which collect and analyse it, become a larger part of business.

Apr 12, 2012 6:47am EDT  --  Report as abuse
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