5 things to know about Charlotte exec Cathy Bessant after her latest retirement
In less than three years, Cathy Bessant significantly advanced the Foundation For The Carolinas’ mission to support nonprofits throughout the Charlotte region.
After Bessant assumed the role of CEO in January 2024, the foundation reached all-time highs, granting more than $1 billion to nonprofits and the addition of 139 new funds. Under her leadership, assets grew to exceed $5 billion.
On Thursday, the foundation announced that the former Bank of America executive retired immediately from her leadership role. Laura Yates Clark, who has served as the foundation’s president since July 2024, will be leading the organization.
Bessant’s brief tenure as CEO represents only a sliver of her contributions to the organization, the city of Charlotte and the wider business community. Here are a few key things to know about her career and impact.
Bessant helped guide Charlotte’s financial giant
A veteran of Bank of America, Bessant retired from the financial giant in 2023 after more than 40 years of service.
Her final positions included serving as vice chair of global strategy and as a member of the bank’s executive management team. Prior to those roles, she served as chief operations and technology officer.
Bessant joined the Charlotte bank in 1982. She served as president of Global Corporate Banking, Global Product Solutions and Global Treasury Services, as well as chief marketing officer and president of Consumer Real Estate and Community Development Banking.
Former Bank of America CEO Hugh McColl described her as “one of the most important executives” the bank has seen in the last 30 years.
Strengthening Charlotte’s largest foundation
Bessant was intimately familiar with the foundation long before accepting the CEO role, having previously served as chair and a longtime board member.
As CEO, she guided the organization through critical upgrades to its business operations and forged partnerships to expand community services. Her work focused on strengthening local nonprofits, improving transportation and public safety, integrating AI tools and scaling philanthropic initiatives.
She also played a pivotal role in the restoration and reopening of the historic Carolina Theatre in uptown Charlotte.
Bessant’s journey of personal resilience
A breast cancer survivor, Bessant underwent a lumpectomy and radiation treatment at Novant Health. To show her gratitude for her care, she directed a $1 million donation — granted to her by Bank of America in honor of her decades of service — to a charity of her choice.
She picked the Novant Health Presbyterian Medical Center Foundation. The donation established an endowed fund to support cancer patients.
During a March 2024 announcement for the endowment, Bessant fought back tears while hearing that the gift would establish the Novant Health Catherine P. Bessant Endowed Chair for Breast Health.
The event took place at the Kemp Support Center, which was renamed the Novant Health Cancer Institute Kemp Bessant Support Center in her honor. The center originally honored the late Buddy Kemp, former president of North Carolina National Bank, a predecessor to Bank of America. He died of brain cancer in 1990.
Cathy Bessant make national banking headlines
Bessant’s influence has earned her national headlines.
She earned the “Most Powerful Woman in Banking” designation by American Banker magazine three times in a row. In 2020, after ranking No. 1 for three consecutive years she was inducted into the “25 Most Powerful Women in Banking” Hall of Fame by American Banker.
She has also been recognized on Barron’s “100 Most Influential Women in U.S. Finance” list and received Waters Technology’s 2019 Women in Technology and Data Trailblazer Award.
When asked about her various accolades in 2017, she told The Charlotte Observer she was thrilled to be honored alongside other women from Charlotte. “I think my kids will think I’m cool for a little while,” she joked.
Bessant reached new heights beyond Charlotte — literally
A graduate of the University of Michigan Ross School of Business, she later served on its advisory board. She founded the Catherine Pombier Bessant Scholarship Fund to help women from small, rural towns receive a business education.
And speaking of the school, as part of a 2018 Ross leadership course, she summited Africa’s Mount Kilimanjaro —the world’s tallest freestanding mountain.
