Bank of America 2004 Annual Report Download - page 9

KENNETH D. LEWIS
CHAIRMAN, CHIEF EXECUTIVE OFFICER AND PRESIDENT
MARCH 1, 2005
8 BANK OF AMERICA 2004
products originated by Global Capital Markets and Investment Banking to the bank’s high-net-worth and retail
clients through our network of financial advisors. This partnership wouldn’t work without a strong culture of
shared accountability, effective governance controls, and the active participation of Risk partners and the Audit
group in the business.
The key message that our associates are embracing is that managing risk and reward is not about avoiding
risk. It’s about taking calculated risks in pursuit of growth. Effecting a shift in our culture that encourages every
associate to understand, anticipate and manage the full range of potential risks and rewards in their area—whether
relating to a credit score, a market or interest rate fluctuation, a marketing opportunity or a regulatory issue—is a
fundamental part of our strategy for growth.
Leadership, past and future
Your company is in business for many reasons.
We provide the financial capital that creates economic opportunity for individual families, for businesses, for
the communities we serve, and for the global economy as a whole. As teammates, we help one another grow and
succeed, personally and professionally. And, of course, all our work is aimed at generating strong, consistent and
sustainable growth in financial returns for our shareholders.
Playing a key role in leading your company to achieve these strategic and financial goals for the past 18 years
has been our chief financial officer and vice chairman, Jim Hance, who retired from the company at the end of January.
Jim has been one of the key architects of our company for the last two decades, and has been a major ambassador for
our company on Wall Street and a major force within Bank of America driving for better results for all of our
constituencies. I could not have asked for a better partner during my time as chief executive.
Stepping into the role of chief financial officer is Marc Oken, who had served the company as principal finance
executive since 1989. Marc has a sharp financial mind and a strong, confident leadership style that will serve your
company well in his new role.
Also retiring from the company is Chad Gifford, our chairman and my partner in the Bank of America–Fleet
merger that brought Bank of America into New England and the Northeast. Chad is a tremendous leader who
directed the growth and success of BankBoston and Fleet over the past 38 years. Chad remains on our board of direc-
tors, and I look forward to his continued advice and counsel.
Finally, we have two departures from our board this spring. Donald Guinn, chairman emeritus of Pacific Telesis
Group, will retire from the board of directors at this year’s Annual Meeting of Shareholders. Don has been a valued
director and a strong voice on our board since 1998, and has chaired our audit committee for the past six years. His
leadership will be missed. And Steve McMillan, chairman of Sara Lee Corporation, has resigned from our board. I
appreciate all Steve has done for Bank of America during his time as a director.
In closing, I’d like to thank all our directors for their guidance during what has been a year of great progress
and success. As we continue our work to deliver ever-higher standards of service and performance for our customers,
our shareholders and our communities, I look forward to all we’ll accomplish together.
As always, I welcome your thoughts and suggestions.