Bank of America 2005 Annual Report Download - page 8

KENNETH D. LEWIS
CHAIRMAN, CHIEF EXECUTIVE OFFICER AND PRESIDENT
MARCH 16, 2006
take our responsibility
to our shareholders very
seriously. And in consider-
ing how we grow, we take
our responsibility to our
communities just as seri-
ously. I’d like to highlight
the work we’re doing to
strengthen our communi-
ties in two key areas: com-
munity development and
philanthropic investment.
The year 2005 was
the fi rst full year of
our nationwide, 10-year
goal to lend and invest
$750 billion in community
development. Our invest-
ments in low- to moder-
ate-income neighbor hoods across the country spur economic
development and refl ect our commitment to neighborhood
excellence. This initiative took on new meaning in the wake
of Hurricanes Katrina and Rita, when we committed up to
$100 million to rebuild neighborhoods along the Gulf Coast.
Philanthropic investment comes in two forms: money
and time. Our charitable donations in 2005 exceeded
$130 million, making us one of the most generous corpo-
rations in America. And our associates, all of whom are
encouraged to volunteer up to two hours a week in their
communities on company time, spent hundreds of thou-
sands of hours strengthening the communities in which
they live. Most important, we are deploying these resources
in conjunction with our foundation’s Neighborhood Excellence
Initiative, which relies on the knowledge of local leaders to
direct volunteer time and money to the organizations most
critical to the success of individual communities.
It is through the leadership of our associates that we
are able to achieve higher standards of performance for our
customers, shareholders and communities. One of our key
leaders retired from the company in 2005—Marc Oken, who
served as our chief fi nancial offi cer. Marc’s contributions
to our company’s success over the past 17 years have been
great. I personally appreciate his commitment and leader-
ship and wish him all the best.
Stepping into the role of CFO is Alvaro de Molina, a
17-year executive who most
recently led our corporate
and investment banking
team in 2004–2005. Al’s
sharp fi nancial mind,
communication skills and
leadership ability will
serve us well as he takes
on his new role.
We also welcome two
new directors to our
company. Joining us is
Frank Bramble, former
executive offi cer, MBNA,
and the former chairman
and CEO of Maryland
National Corp. And, re-
cently retired from the
United States Army,
General Tommy Franks joined our board in January. Frank
and Tommy bring rich and diverse leadership experience to
our team, and I look forward to their contributions.
Retiring from our board are Charles Coker, former
chairman and CEO of Sonoco Products of Hartsville, SC,
and Edward Romero, former ambassador to Spain. Charlie
joined the board in 1969, the same year I joined the company.
His leadership, guidance and service have been a great
benefi t to the company for 37 years, and to me personally
during my time as chairman. Ed also has made important
contributions to our board in his two years of service.
I appreciate all that Charlie and Ed have done for us, and I
wish them the best in their future endeavors.
In a year marked by challenge, opportunity and growth,
I would like to thank our customers for their business, our
investors for their trust and all our associates and direc-
tors for the work they do for our company. I look forward to
even greater achievements in the year ahead and, as always,
I welcome your thoughts and suggestions.
Barbara J. Desoer, Global Technology, Service and Fulfi llment executive,
and Milton H. Jones, Jr., Global Quality and Productivity executive, at the
Bank of America Command Center.
Bank of America 2005 7