BofA hires Brian T. Moynihan as new CEO

December 17, 2009 by · Leave a Comment
Filed under: Industry News 

Looks like the board of directors went with an insider for the new top office job with Mr. Moynihan.   I assumed they would go with a Bank of America company man over bringing in an outsider to be their new Chief Executive Officer.  They really need someone who knows the culture inside and will have an overview of the operation so they can integrate their aquasitions into the larger brand and knows what units don’t work for their strategy so they can sell them off and reduce operational costs.

Wall Street Journal – Bank of America Corp. promoted Brian T. Moynihan to president and chief executive, ending an 11-week search with a unanimous boardroom vote in favor of a longtime insider.

The 50-year-old Mr. Moynihan now runs the Charlotte, N.C., bank’s sprawling consumer and small-business operations, including about 6,000 retail branches in the U.S. An Ohio-born lawyer, he is one of the few high-ranking holdovers from the 2004 acquisition of FleetBoston Financial Corp. Long considered a potential CEO, Mr. Moynihan nearly left last year after spurning an offer to run Bank of America’s credit-card unit in Delaware.

In an interview Wednesday night, Mr. Moynihan said he doesn’t intend to exit any of the company’s current businesses. He also doesn’t foresee any “big changes” in the strategy of the nation’s largest bank by assets.

“We just have to execute,” he said. Mr. Moynihan takes over Jan. 1, one day after the previously announced retirement of Kenneth D. Lewis, the company’s CEO since 2001.

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