In July, Bank of America Chair and CEO Brian Moynihan announced Vice Chair Cathy Bessant will retire from the company at the end of this year, recognizing her “outstanding service since she first joined Bank of America in 1982.”

Today, Foundation For the Carolinas (FFTC), the fifth largest nonprofit community foundation in the U.S., announced Cathy has been appointed as its next president and CEO, effective in January 2024. Cathy has previously served as a member and as chair of FFTC’s governing board and has worked closely with the organization for many years.

"Cathy’s deep love for this community and vision for the foundation will make her an exceptional president and CEO,” said Arrington Mixon, FFTC's chair of the governing board of directors, in announcing the appointment. “Her legendary banking career is unparalleled, and her civic accomplishments — both locally and globally — are equally impressive."

“As we noted in July, tens of thousands of employees across our company have worked with Cathy in organizations or efforts that she has led for us. I know they will join me in congratulating and thanking her as the end of the year approaches, and I know our teammates will be thrilled to hear that Foundation For The Carolinas (FFTC) has asked her to take on this important role next year. FFTC has chosen an outstanding leader who is deeply committed to the future growth and prosperity of communities across the Carolinas — the place Cathy and her family cherish as their home.”

– Chair and CEO Brian Moynihan

As FFTC board leader, Cathy oversaw FFTC’s move to its new headquarters facility in Uptown Charlotte, helped expand the foundation’s civic leadership role and led the agency as board chair when it reached $1 billion in assets.

Cathy’s experience as a civic leader in Charlotte has also included serving as chair of Charlotte’s North Tryon Vision Plan Advisory Committee, co-chair of Charlotte-Mecklenburg Housing & Homeless Strategy as well as the Charlotte-Mecklenburg Schools Task Force, and as a board member of the Children’s Theatre of Charlotte. She currently chairs the USA Field Hockey Board and is the namesake of Bessant Field at Queens University of Charlotte.

In the community, Cathy received the Distinguished Service Award from the University of North Carolina at Charlotte, was awarded the North Carolina Order of the Long Leaf Pine, was recognized by the Charlotte Business Journal with the Woman in Business Lifetime Achievement Award and was named to Business NC’s Power 100.

“I am honored to lead an organization that has always been very dear to me and is essential to our region’s civic and community life,” Cathy said. “Charlotte and the Carolinas was, is and always will be my home. I look forward to listening to and learning from community leaders, local nonprofits, neighbors and fundholders to understand the foundation’s role in partnering to build a more dynamic and equitable future.”