Bank of America has announced that Brian Moynihan will take over President and Chief Executive of the company on January 1 following the retirement of Ken Lewis.
Moynihan is currently in charge of Bank of America’s consumer and small business banking. He joined Bank of America with the firm’s acquisition of Fleet Boston in 2004.
In a company statement, Dr. Walter E. Massey, chairman of Bank of America, said, “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.”
He added, “Brian has been the top executive leading wealth management, corporate and investment banking and consumer banking. His work with international clients in our capital markets businesses has given him broad knowledge of and perspective on global financial services markets. He has excelled in every role, earning the loyalty and respect of customers and associates alike. In short, Brian brings the right combination of knowledge, experience and leadership to achieve all of our company’s goals for the future.”
Massey noted in the statement that while the Board of Directors considered external candidates for the position but that after listening to shareholders and regulators decided that Moynihan’s experience was “commensurate with or better than any of those candidates, and he offered the advantage of a smooth transition.”
Moynihan said of his future leadership position, “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.”