BofA Goes Internal With New CEO Pick

Posted by Orb Staff on December 17, 2009 No Comments
Categories : Residential Mortgage

The Bank of America board of directors has elected Brian T. Moynihan as CEO and president of the company. He will assume the office and join the board of directors following the previously announced retirement of Kenneth D. Lewis on Dec. 31.

Moynihan, 50, is currently president of consumer and small business banking. Named to his current role in August, Moynihan joined FleetBoston Financial (a predecessor to Bank of America) in 1993. He subsequently rose to senior positions at that company. Fleet was acquired by Bank of America in 2004.

‘What we need to do now is very simple,’ Moynihan says. ‘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.

Bank of New York Mellon Corp. Chair and CEO Robert Kelly was rumored to be a leading candidate for Lewis' replacement, but he withdrew from the running this week. Bloomberg reported yesterday that Bank of America's board was ‘so split over whom to hire as chief executive officer that…Kelly…withdrew instead of trying to unite the factions.’

‘While we considered external candidates, 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," says Walter E. Massey, chair of Bank of America, who led the CEO search.

SOURCES: Bank of America, Bloomberg

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