Bank of America Expands Board to 14, Appoints Jim Fitterling and Bill Thomas

Overview

On October 21, 2026, Bank of America Corporation filed a Form 8-K under Item 5.02 announcing an expansion of its Board of Directors from 12 to 14 members and the immediate appointment of two new independent directors: James Fitterling and William Thomas.

Appointee Backgrounds & Committee Assignments

• James (Jim) Fitterling (Age 65):

  • Executive Chairman and former President & CEO of Dow Inc. (CEO from 2018 to 2026; Board Chair since 2020).
  • Board member and Lead Independent Director at 3M.
  • Committees: Appointed to the Enterprise Risk Committee and the Compensation and Human Capital Committee.

• William (Bill) Thomas (Age 58):

  • Former Global Chairman and CEO of KPMG International Limited (served 2017 to 2026).
  • Extensive audit, accounting, and financial reporting background as a Chartered Accountant and Fellow of the Institute of Chartered Accountants of British Columbia.
  • Committees: Appointed to the Audit Committee and the Corporate Governance Committee.

Compensation

Both directors will participate in Bank of America's standard non-employee director compensation program as outlined in the March 23, 2026 definitive proxy statement (Schedule 14A). On October 21, 2026, they will receive restricted stock and cash awards prorated from their appointment date through the next annual meeting of shareholders.

Market Impact & Assessment

The appointments enhance Bank of America's board depth in risk governance, global supply chain oversight, accounting, and financial reporting. As standard non-employee director appointments, trading significance is classified as low.