Bank of America has replaced its Wilmington-based credit card chief, Richard K. "Ric" Struthers, with Susan Faulkner, a 25-year BofA veteran based at the company's Charlotte, N.C. headquarters. Statement here.
Struthers, who held the job running the largest credit card bank for just over a year, "decided to leave the company" when it eliminated his job as president of Global Card Services, BofA said. He was the high-ranking insider to survive from the old executive corps at MBNA Corp., the Wilmington card lender BofA bought for $35 billion in 2006.
The top card job is being combined with BofA's deposit banking business under Faulkner, who reports to BofA's top consumer lending executive, Joe Price.
Struthers "navigated our unsecured lending business through the most significant consumer credit crisis in 50 years," Price said in his statement. "Ric rapidly repositioned the card business, significantly reducing our exposure to credit losses and simplifying our credit card suite by introducing, easy-to-understand, basic products."
So why's he leaving? "Susan is the right executive to operate the combined product unit in a rapidly evolving and challenging environment. Integrating the development of our card and deposit products will help create greater value for customers." She'll get a second office in Wilmington, Price added.