Cathy Bessant retires as Foundation for the Carolinas CEO. New leader named
Former Bank of America executive Cathy Bessant is retiring immediately as CEO of Foundation for the Carolinas, the organization announced Thursday.
Laura Yates Clark, who has served as the foundation’s president since July 2024, will assume overall leadership. Bessant served in the leadership position since January 2024. She previously chaired the foundation board after retiring from the Charlotte-based bank as vice chair of global strategy.
Bessant said the foundation has been a source of inspiration for her as a volunteer and CEO.
“I am so proud of our extraordinary and talented staff and the work we have done together to make FFTC fit for the future,” she said in a news release. “What we have done together will ensure that FFTC can meet the needs of the rapidly changing and growing Charlotte region for a long time to come.”
During her time as CEO, the foundation’s total assets grew to more than $5 billion. Last year, more than $1 billion was granted to nonprofits by fundholders and FFTC added 139 new funds — both record numbers, according to the foundation.
Founded in 1958 with a $3,000 grant from the United Way, the uptown Charlotte organization helps people, nonprofits, and companies maximize their charitable impact, according to its website. FFTC employs more than 130 people.
Bessant also helped the organization modernize business operations and establish new partnerships and collaborations to provide service in the community. This includes nonprofit capacity building, transportation, public safety, AI and the growth of philanthropic work.
Bessant’s work also included the restoration and reopening of the historic Carolina Theatre in uptown Charlotte
About Cathy Bessant
Kieth Cockrell, foundation board chair and president of Bank of America Charlotte, informed the board about her retirement. He said Bessant has been one of the most dedicated leaders over the past two decades.
“When she agreed to return to FFTC as CEO, she outlined an ambitious three-year agenda to solidify the foundation’s position of pre-eminence in Charlotte and nationally, including a plan for orderly succession that we are now activating,” Cockrell said. “That work has now been completed, and we can offer the deepest gratitude to Cathy for her service to the foundation during a critical time.”
Bessant retired from Bank of America in 2023 after 40 years with the financial institution. She served as president of Global Corporate Banking and chief marketing officer before her final role as vice chair of global strategy.
Bessant will continue to advise the board and leadership until the end of the year.
About Laura Yates Clark
Clark has served as foundation president since July 2024. She will retain the position, while serving as the chief executive of the foundation.
“I came to FFTC because I believe so deeply that philanthropy is at the heart of our civic life,” Clark said.
Before working at the foundation, she was president and CEO of the United Way for Greater Charlotte. Clark was with United Way for 12 years, and she spent her last six years leading the organization.
During her time with United Way, she helped launch three community initiatives: United Neighborhoods, Unite Charlotte, and A Home For All.
She also helped rebrand United Way, stabilize and diversify revenues, and modernize and streamline operations.
Clark was also CEO of the Renaissance West Community Initiative and served as director of The Larry King Center at Charlotte’s Council for Children’s Rights, with a focus on strengthening supports for children and families. Her previous civic leadership also includes chairing the Federal Reserve Bank of Richmond’s Charlotte branch and board service with organizations including Purpose Built Communities, NC Child and United Way of North Carolina.
Cockrell also praised Clark’s civic service to the Charlotte community.
“She has been the catalyst for important new foundation initiatives in management and community programming,” he said. “We could not be more excited that she will now carry the foundation’s vision forward in new and innovative ways.”
This story was originally published April 23, 2026 at 3:23 PM.
