Bank of America CFO Resigns; Blames Regulatory Environment

by Mike Bevel, CollectionIndustry.com

In addition to 15 minutes of fame, it?s looking like everyone will also have the opportunity to be CFO of Bank of America.

Current CFO Alvaro de Molina announced last Friday that he would be stepping down after only 16 months on the job, paving the way for the fourth CFO in less than three years. In his place, Joe Price, BofA?s risk management executive for global corporate and investment banking, will become CFO on Jan. 1, 2007.

Rather than the usual, ?Wanting to spend more time with family,? Molina?s reason for abandoning ship is the suffocating nature of regulatory and oversight burdens.

“The role of the CFO and the CEO are not as fun as they used to be from a regulatory standpoint, but the CEO gets to run the show,” he said. “The CFO of a well-run company gets all of the guts but none of the glory.” And rather than sprucing up his office space with some more Successories posters or implementing ?Casual Friday, Everyday!? as a way to boost the fun ? he?s picking up and finding new pastures.

“I would embrace a CEO role somewhere, but not a CFO role,” he said.