Bank of America Elects New CEO

Bank of America has announced that Brian T. Moynihan has been elected the Charlotte, N.C.-based bank's CEO and president by its board of directors. Moynihan will step into the CEO role following the retirement of Kenneth D. Lewis on December 31, 2009.

The 50-year-old Moynihan has previously held several leadership positions at Bank of America across "virtually all lines of business," according to a press release. He is currently president of consumer and small business banking.

"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 Dr. Walter E. Massey, chairman of Bank of America, who led a search to fill the CEO position.

Moynihan joined FleetBoston Financial in 1993. He became a part of Bank of America when the company acquired Fleet in 2004. Following the merger, Moynihan worked as president of global wealth and investment management. From 2007 to 2009, he served as president of global corporate and investment banking.

"I am honored to have the opportunity to lead this important company," Moynihan said in a press release. "What we need to do now is very simple. We need to execute. 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 suggested that, before the economic crisis, Bank of America was "the most efficient banking company with our business mix in the country" and that he will set that as a target going forward. "I believe we have the scale, capital, liquidity and diversity of income that all support safety and soundness," Moynihan said in a press release. "But as the world has changed, we must continue to be flexible and build on our strong tradition, and change to meet our customers' needs. We think of this not as changing the business model, but changing the way we do business. We are committed to fairness and transparency as we seek to provide the best financial products and services in the world."