The bank is the third major sponsor to leave the USOC during the last 18 months. Home Depot and now-bankrupt General Motors have also withdrawn.
A spokesman for Bank of America attributed the company’s decision to “insufficient return on investment from the sponsorship.”
“Because we’ve invested so much over the past 16 years, this became an extremely difficult and emotional decision for us. It’s not about the economy, it’s not about reducing marketing, it’s not about TARP support. But rather, it’s about the insufficient business results we were able to generate,” spokesman Joe Goode said in SportsBusiness.
The sponsorship news comes after much management turnover. Board member Stephanie Streeter was named to succeed CEO Jim Scherr, who had held that position for seven years. Streeter has since hired replaced senior managers.
Lisa Baird was recently named marketing director, and will work from New York City, where she will direct a newly created major marketing group.
And, yesterday the USOC announced three new appointments, Mike English as chief of sport performance, Desiree Filippone as director of government relations and John McWilliams as chief human resources officer.