BofA Appoints Moynihan as CEO

Brian Moynihan will take over as Bank of America’s (BofA) CEO and president following the retirement of Kenneth Lewis on December 31, the company announced.

Moynihan has held senior leadership positions at Bank of America representing experience across virtually all business lines, the company said. He currently is president of Consumer and Small Business Banking, after serving as temporary head of Global Banking and Global Wealth and Investment Management (see “Krawcheck Replaces Moynihan to Head Wealth Management at BofA” and “Moynihan Set to Take over Thain’s Post at BoA”)

“Brian’s wide range of experience, his relationships inside and outside of the company, and his demonstrated ability to understand business dynamics and effect constructive change made him the best person for the position,” said Walter E. Massey, chairman of Bank of America, in a statement.

In 1993, Moynihan joined FleetBoston Financial, which was acquired by BofA in 2004.

According to the company’s announcement, since taking over Consumer and Small Business Banking last August, Moynihan has spearheaded the introduction of a new Basic Credit Card, the freezing of credit card rates, and the amending of overdraft policies.

“This company has a long tradition of operational excellence and strong execution. My goal is to refocus our efforts and attention on those core capabilities that will make us the best financial services firm in the world,” Moynihan said in a statement.

Moynihan will succeed Lewis, who has served as CEO since 2001. Amid much regulatory pressure of the bank’s acquisition of Merrill Lynch, Lewis recently announced his retirement (see “Lewis to Exit BofA”).