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Transition follows planned succession, foundation says, as former BofA exec Bessant steps down to retire
Foundation for the Carolinas CEO Cathy Bessant (left) is retiring and will be replaced by president Laura Yates Clark, effective immediately. The organization is one of the largest community foundations in the U.S. (Photos from Foundation for the Carolinas)
by Tony Mecia
Cathy Bessant is retiring as CEO of Foundation for the Carolinas, and president Laura Yates Clark is being promoted to take her place, the organization announced Thursday.
Bessant, who took the role in January 2024 after retiring from Bank of America, had outlined a three-year plan that included succession, the foundation said in a news release.
Bessant said in a statement: “I am so proud of our extraordinary and talented staff and the work we have done together to make FFTC fit for the future.”
During her tenure, FFTC’s assets grew to more than $5B, with more than $1B granted to nonprofits last year and 139 new funds added — both records. She also oversaw the opening of the restored Carolina Theatre on North Tryon Street uptown.
The Foundation for the Carolinas is one of the largest community foundations in the United States.
Clark, a Charlotte native and former CEO of the United Way of Greater Charlotte, steps into the role after serving as president of FFTC. Board chair Kieth Cockrell called her “an experienced leader who deeply understands philanthropy, civic service and the Charlotte community.”
“I am honored to now join with the FFTC board, staff and partners to secure our success into the future,” Clark said.
Bessant’s retirement is effective immediately. She will remain an advisor through the end of 2026, the statement said.
Tony Mecia is The Ledger’s executive editor. Reach him at [email protected].