Bank of the James Financial Group, Inc. (NASDAQ: BOTJ) announced that co‑founder and long‑time Chief Financial Officer J. Todd Scruggs will retire, effective January 5, 2026. Scruggs has served as CFO since the bank’s inception in 1998 and has also held the positions of Executive Vice President, Chief Investment Officer, Secretary and Treasurer.
Scruggs helped launch the bank in July 1999 with $10 million in capital and has overseen its transformation from a single‑branch community bank to a public institution with more than $1 billion in assets and over 20 locations across Virginia. His stewardship guided BOTJ’s financial strategy, capital structure, and regulatory compliance through more than two decades of growth.
In October 2025, BOTJ announced a leadership realignment that moved Scruggs from CFO to Chief Investment Officer, effective January 1, 2026, and named Eric J. Sorenson, Jr. as the new CFO. The transition was part of an internal succession plan designed to separate financial operations from investment management and to preserve continuity in financial reporting and risk oversight.
The board and management have expressed confidence that the succession plan will maintain the bank’s disciplined financial management and support ongoing growth initiatives. While the departure of a seasoned executive could influence investor sentiment, the bank’s leadership has emphasized that the internal transition and the appointment of an experienced CFO mitigate potential disruptions to strategic execution.
BOTJ’s recent financial results show steady performance, with the bank reporting a net income of $842,000 for the first quarter of 2025 and a 52‑week trading range of $11.56 to $18.75. The company’s upcoming earnings release on January 30, 2025 is expected to provide further insight into its financial health and the impact of the leadership change.
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