Bank of America Corp.’s board of directors has elected a new chairman from among the firm’s own executive ranks.
Charles “Chad” O. Holliday Jr. replaced Dr. Walter E. Massey as the chairman of the Charlotte, N.C.-based company in 2010.
Holliday was first elected to the board of directors in 2009. He was chairman and chief executive officer at E.I. du Pont de Nemours and Co. for more than a decade.
Replacing Holliday as chairman of the board is Bank of America CEO Brian Moynihan, according to a statement Wednesday.
Moynihan ascended to his chief executive post in January 2010, replacing Ken Lewis. He was elected as a director at the same time.
Moynihan originally joined FleetBoston Financial in 1993.
BofA acquired Fleet in 2004.
Publicly traded companies that don’t separate the management from the board chairmanship have to defend themselves to shareholders, some who don’t want the CEO to also hold the role of chairman.
BofA indicated that board member Jack Bovender Jr. will become the lead independent director. Bovender has been on the board since 2012.
Among other responsibilities, Bovender — together with Moynihan — will oversee planning, reviewing and approving meeting agendas for the board. He will advise Moynihan of the information needs of the board and approving information sent to the board. Bovender will act as a liaison between Moynihan and the 13 independent directors.
