Business Context and Reporting Period
This Form 8-K filing by BANK OF THE JAMES FINANCIAL GROUP INC (NASDAQ: BOTJ) reports senior leadership changes approved on October 28, 2025. The changes are effective January 1, 2026.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel transitions.
Material Changes
- Departure of CFO: J. Todd Scruggs, who served as Chief Financial Officer since 1999, will transition to the newly created role of Chief Investment Officer (CIO).
- Appointment of CFO: Eric J. Sorenson, Jr., currently the Bank's General Counsel since 2022, has been appointed to succeed Mr. Scruggs as CFO.
- Transition Plan: Mr. Scruggs will continue his current CFO duties until January 1, 2026, to assist in an orderly transition.
Management Commentary and Risks
The Board of Directors determined that the transition is not the result of any disagreement regarding the Company's operations, policies, or practices. Mr. Sorenson will oversee financial, accounting, treasury, budgeting, and reporting functions. There are no new compensatory arrangements or written employment agreements associated with these role changes; both executives participate in the existing salary continuation plan.
Investor Verification Checklist
- Verify the effective date of the leadership transition (January 1, 2026).
- Confirm the new reporting structure between the CFO and the new CIO.
- Review the press release (Exhibit 99.1) for additional strategic context regarding the creation of the CIO role.
- Monitor future filings for any changes to the Company's financial reporting cadence or internal controls during the transition period.