Bank of America Names New CEO
Byline: Associated Press
NEW YORK Bank of Americas board of directors chose consumer banking chief Brian Moynihan to replace Ken Lewis as CEO on Jan. 1.
Their pick of an internal candidate on Wednesday followed unsuccessful attempts to hire a star industry executive for the top job at the nations largest bank. Those negotiations were stymied by restrictions imposed by government pay czar Kenneth Feinberg that would have forced an outsider to take a big pay cut this year.
The move "draws to a close what is probably the executive search from hell," said Tony Plath, a finance professor at the University of North Carolina at Charlotte. "They needed to find someone to end the drama so that the bank can get back to regular business, but at the same time I am surprised by their choice."
Moynihan, 50, joined the bank as part of its 2004 purchase of FleetBoston Financial Corp. Over the past year he has served as BofA general counsel, head of global wealth management and consumer bank chief.
"I am honored to have the opportunity to lead this important company," Moynihan said in a statement. "We have everything we need at Bank of America to be the best financial services company in the world. …