Bank of America vice chairman, former CFO, to retire in September
CHARLOTTE, North Carolina
CHARLOTTE, North Carolina (Reuters) - Bank of America Corp (BAC.N) Vice Chairman Charles Noski will retire on September 1, leaving the company a little more than two years after he initially joined as chief financial officer, the bank said in a filing on Friday.
Noski, who had previously held CFO posts at Northrop Grumman Corp (NOC.N) and AT&T (T.N), was one of the most high-profile outside hires by Chief Executive Officer Brian Moynihan when he became CFO in May 2010. In April 2011, the bank said he was being replaced by Bruce Thompson, chief risk officer; Noski became a vice chairman based in Los Angeles.
Moynihan said at the time that the change was because Noski was unable to move to the bank's headquarters in Charlotte, North Carolina, due to a serious illness of a close family member. The job change came at a difficult time for the bank, shortly after the Federal Reserve had rejected its request to increase its penny per-share quarterly dividend.
Bank of America spokesman Scott Silvestri declined to comment on Noski's retirement.
As vice chairman, Noski played a key leadership role in helping the bank change its mortgage lending business model, according to the bank's latest proxy filing. Bank of America, which has been besieged by losses from its Countrywide Financial acquisition in 2008, scaled back its home loan business last year, deciding to no longer buy mortgages from smaller banks.
Noski received $7.6 million in total compensation for 2011 and 2010, including $4.2 million in stock awards, according to the proxy filing.
(Editing by Leslie Adler and Jan Paschal)