Bank of America has named Meredith Verdone as its chief marketing officer. Verdone takes the reins from vice chair Anne Finucane, who has recently been focused on the company’s governance and social initiatives as well as figuring out new ways to deploy Bank of America’s capital.
The move, which was internally announced last week, formalizes how the company has been operating for the last year, explained Verdone.
In this role Verdone will direct the branding of the company as well as oversee marketing of the consumer and wealth management businesses. Previously Verdone served as a enterprise, consumer and wealth management marketing executive for Bank of America.
In her new role she will retain those responsibilities, leading enterprise-wide brand and media strategy, consumer research and all enterprise, consumer and wealth management marketing strategy and programs as well as manage marketing operations and agency relationships. She will continue to report to Finucane.
“A lot of what I want to do is building on what we’ve done,” said Verdone. “In 2013 we really repositioned the company. Brian Moynihan took over as CEO in 2010. We had come out of the financial crisis and we really flipped everything we were doing [to become] a very customer-focused organization. That’s when we articulated what our purpose and our brand position was and really we’re still going to market and living that purpose, which is how we make financial lives better.”
Verdone continued: “What you’re going to start to see, which is a little different, is [the company asking] ‘How are financial lives [different]?’ … ‘How do we continue to make our brand relevant?’ The biggest thing that’s changing in my view is the customer. This is a dramatic power shift. They’re in control, both figurative and literally. It’s all about the feed right now. It’s this feed-dominated world, you’ve got about seven seconds to break in and that’s a pretty significant challenge that we’re focused on.”
Bank of America works with Hill Holliday (creative), Digitas and Starcom through GroupeConnect (media strategy and buying) as well as WPP (PR). Verdone doesn’t have plans to put any agencies in review.
“We are very content with our current agency model,” said Verdone.