Bank of America (BofA), the largest bank in the United States, has appointed its senior official Brian Moynihan as the new CEO, ending months of speculation regarding the selection of a successor to Ken Lewis.
"I have closely worked with Brian Moynihan for six years, and I believe he is the right person to lead our company forward. He is a determined leader and a precise manager," said Ken Lewis in a statement, who led BofA for eight years, transforming it into the largest bank in America. Moynihan (50) has been the president of the consumer and small business division at BofA. Previously, he led global investments at FleetBoston Financial, a bank that BofA acquired in 2004.
Moynihan, who hails from New England and is educated at top Ivy League universities, takes over the leadership of Bank of America, a powerful banking house in the American South. "This is a real break from the past," said Tony Plath, a finance professor at the University of North Carolina, close to many "tribes" within BofA’s management structure."This is a signal to the stock market that the guys from Fleet-First Boston are now in charge of the bank," Plath said. Three members of BofA’s board are former executives of Fleet-First Boston, which BofA acquired in 2004. Moynihan also worked for Fleet. (H)
