| Bank of America Corp. has found a new leader from within its own ranks.
The bank’s board of directors elected Brian T. Moynihan chief executive officer and president, an announcement yesterday indicated. He will also become a director on the board. Moynihan steps into the role on Dec. 31. He noted in the statement that expects to change “the way we do business.” The 50-year-old executive is currently the president of BoA’s consumer and small business banking. In 1993, he joined FleetBoston Financial — which was acquired by BoA in 2004. Moynihan replaces Ken Lewis, who headed the Charlotte, N.C.-based institution since 2001. “While we considered external candidates,” the company’s Chairman Dr. Walter E. Massey said in the statement, “the board decided after listening to shareholders, regulators and others that Brian’s experience was commensurate with or better than any of those candidates, and he offered the advantage of a smooth transition.” Moynihan takes over just as the company has repaid $45 billion in Asset Relief Program investments by the government. |
BoA photo of Brian Moynihan
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