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Bank Of America CFO Resigns

cnbc.com
Friday, 1 Dec 2006 | 5:13 PM ET

Bank of America shares fell after Chief Financial Officer Alvaro G. de Molina announced he will retire at the end of the year. He will be suceeded by fellow executive Joe Price.

The announcement came just 15 months after de Molina was named to the position. No reason was given for his decisions to leave the bank.

"We've made good progress in the way we communicate with investors and analysts, and Al's work has directly benefited our company and shareholders," Chairman and Chief Executive Kenneth D. Lewis said in a statement. "He has made this a better place in many ways, and we wish him well."

Price currently is an executive in the bank's global corporate and investment banking division.

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