After more than 40 years at Bank of America, Cathy Bessant will leave the financial institution in December and take the helm of a $4 billion-asset nonprofit in North Carolina.
Bessant, who currently serves as vice chair of global strategy at the Charlotte-based bank, announced earlier this summer that she would retire this year. On Thursday, the Foundation for the Carolinas said it had tapped Bessant as its president and CEO, effective in January. She said in an interview that although she didn't expect to take on this role when she decided to depart the bank, leading the nonprofit is a "once in a lifetime opportunity."
"This is a dream job. This is the job of a lifetime for someone like me," Bessant said. "I've always believed that banking is a noble profession. … This is a logical next step for me, and the time was right."
FFTC, one of the largest nonprofits in the country, offers donors across the globe options to support philanthropic efforts in a 13-county region in North Carolina and South Carolina. Bessant is a longtime board member of FFTC, and a former chair of the nonprofit's governing board, overseeing the foundation's move to its headquarters and leading as board chair when it hit $1 billion in charitable assets. She's taking the reins from Michael Marsicano, who headed FFTC for nearly 25 years.
Bessant said leaving Bank of America after four decades is an emotional experience, but she said she "just knew" it was time to retire when she made the decision this year.
"There comes a point in time when you say it's time for an organization to go forward," Bessant said. "You feel complete and satisfied and happy with your contribution to the organization and shareholders, but you know that it's time to do something else."
American Banker named Bessant to
Bessant's "retirement" won't involve much slowing down. In fact, she said this new role will provide an opportunity to "dig in." She added that in her time on FFTC's board, she's seen its employees work with urgency, commitment, dedication and passion.
"I think things that one pursues with energy and passion are all-consuming. And that is certainly how I approach this," Bessant said. "[People at the foundation] know every day, and I know going forward every day, that our work is dependent on the impact that we have. And our salaries are not paid for by unseen shareholders, or by revenue generated from making a transaction. Our value comes from impact."
Bessant said the foundation is already working to make a positive change around issues like affordable housing, education and racial equality. However, she added that she thinks the FFTC will also be a leader in unearthing issues and solutions of the future.
At the $3.1 trillion-asset Bank of America, Bessant held several leadership positions, including over a decade as chief technology and operations officer. Bessant, who spearheaded responsible AI initiatives in her time at the bank, said technology will be critical to her new role.
She turned around troubled business units, rebounded after a demotion and beat cancer. Now Bank of America’s chief operations and technology officer is taking on her biggest challenge yet: ensuring AI is used responsibly.
"Technology and artificial intelligence play a major role in identifying not only how we gather funds for appropriate and great philanthropic use, but how we distribute them," Bessant said. "'How do we make sure that the dollars we distribute actually get to the places we intend? I think technology is a major factor in the future, and I really think this foundation is committed to helping to determine how that can all work."
Bessant also led programs advocating for people with disabilities and LGBT folks at Bank of America. She said that she believes Bank of America delivers to shareholders and communities, but working through a foundation is a different way of exerting influence.
While she's spent the last two years in Paris leading the bank's European presence, Bessant said she's excited to return to North Carolina, her home state of the previous two decades.
"With an impressive and diverse field of candidates to choose from, Cathy Bessant emerged as an extraordinary fit for the foundation and where we are at this pivotal moment," said Jada Grandy-Mock, governing board and search committee member, in a prepared statement. "Cathy's familiarity with the region and the issues affecting society at large uniquely positions her to lead our foundation. Plus, her strategic leadership and experience — overseeing everything from technology to marketing to operations — have prepared her for this role as the Foundation continues to grow and scale."
