Brian Moynihan Named Bank Of America CEO
WSJ reports that the president of Consumer & Small Business Banking for Bank of America has been named CEO. Yet will the track record of the new CEO be spotted from the beginning: recall that Moynihan served as emergency General Counsel replacement after then GC Tim Mayopoulos was suddenly fired in December 2008, presumably for objecting to the Merrill deal. With the lawsuit on the Merrill debacle yet to come, courtesy of Judge Rakoff, will Moynihan be implicated, in addition to lame duck Ken Lewis?
More from the WSJ:
Brian Moynihan, the 50-year-old executive in charge of Bank of America Corp.'s sprawling consumer and small-business units, was named chief executive, succeeding Kenneth Lewis, people familiar with the situation said.
Directors at the Charlotte, N.C., company voted unanimously Wednesday night to promote Mr. Moynihan to CEO of the nation's largest bank in assets, according to one person close to the discussions.
An Ohio-born lawyer who lives in the Boston area and is one of the few holdovers from the bank's 2004 takeover of FleetBoston Financial Corp., Mr. Moynihan nudged ahead of 61-year-old chief risk officer Gregory Curl after talks with external candidate Robert Kelly fell apart Monday because of differences over his pay package and other issues.
Mr. Moynihan's hiring is a departure from Bank of America's long history of selecting homegrown executives who came up through the ranks of the old North Carolina National Bank and NationsBank, two Bank of America predecessors.
Mr. Moynihan has long been considered a potential successor to Mr. Lewis, holding a variety of posts at the bank, some for short periods of time. A year ago, Mr. Moynihan nearly left Bank of America when he turned down an offer from Mr. Lewis to run the credit card business and move to Delaware.