|Bank of America’s global marketing executive Catherine P. Bessant is leaving that position to head the company's global treasury services.
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Ms. Bessant, chief marketing officer since 2002, was in the middle of last year’s biggest advertising and marketing review, which saw BofA’s $600 million business shift from Interpublic Group of Cos. to Omnicom Group. The review was fueled by the departure of Bruce Nelson, Interpublic’s account lead on the business and a close associate of Ms. Bessant.
Last week, Mr. Nelson began work at Omnicom as a vice chairman, according to an Omnicom spokeswoman. Because of his non-compete agreement, Mr. Nelson won’t be able to solicit or handle business. That includes the Bank of America account, now being run by Omnicom Exec VP Susan Smith Ellis.
Role change announced during review
During the review, Bank of America announced that Ms. Bessant’s role was being changed. Her direct report was moved from Chairman-CEO Kenneth Lewis to Liam McGee, president-global consumer and small business banking.
As global treasury services executive, Ms. Bessant will replace Tim Arnoult, who is retiring after 27 years with the company.