Bank of the James Announces CFO–CIO Transition and Appointment of New Chief Financial Officer

Core Insights - The Bank of the James Financial Group is implementing leadership changes to enhance oversight and coordination of financial and investment strategies [1][2][10] Leadership Transition Overview - J. Todd Scruggs will transition from Chief Financial Officer (CFO) to Chief Investment Officer (CIO), while Eric J. Sorenson, Jr. will take over as CFO [7][9] - This transition aims to support the Company's long-term strategic and governance goals by separating oversight of the investment portfolio from financial operations [8] - The leadership changes reflect the Board's confidence in the capabilities of both executives, emphasizing their experience and commitment to the Bank's values [3][10] Executive Profiles - J. Todd Scruggs has been with the Bank since its founding, overseeing financial planning and risk functions, and will now focus on managing the investment portfolio [5][7] - Eric J. Sorenson, Jr. has extensive experience in regulatory and legal matters, and will oversee financial, accounting, treasury, budgeting, and reporting functions as CFO [4][7] Transition Details - The leadership transition will take effect on January 1, 2026, with a focus on ensuring continuity and minimal disruption to operations [9] - Both executives will collaborate closely during the transition period to maintain operational stability [9]