Bank of America names Moynihan as CEO
December 16, 2009 09:04 PM
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Wellesley executive Brian T. Moynihan was named the next chief executive of Bank of America Corp., the company said tonight.
Moynihan, 50, who heads the bank's sprawling consumer and small business franchise, was tapped by Bank of America directors last night to succeed Kenneth Lewis, who is retiring on Dec. 31, under a cloud for his company's controversial acquisition of troubled investment bank Merrill Lynch.
Bank of America's directors cited Moynihan's vast range of experience running divisions within the company as well as a demonstrated ability to understand the issues facing the company and its many types of clients.
"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," the bank's chairman, Dr. Walter E. Massey, said in a statement.
A native of Ohio who first joined the region's banking establishment when he went to work handling legal matters for the former FleetBoston Financial Corp., Moynihan has served variety of positions at Bank of America, including as general counsel during a key period in the Merrill acquisition.
A lawyer by training, Moynihan had no formal background in banking. But he nonetheless emerged as the top candidate over numerous others with lengthy banking experience because of his reputation as a whip-smart and indefatigable executive who mastered many disparate tasks assigned to him during his years at Bank of America and Fleet.
Moynihan has been on a short list of candidates to succeed Lewis ever since he announced his retirement in September. The search had previously focused on top executives from rival financial institutions several of whom declined the job or announced they would stay put, including most recently, Robert P. Kelly, chief executive of Bank of New York Mellon Corp.
That left two internal candidates -- Moynihan, who is based in Boston, and Gregory Curl, its chief risk officer, who is based in Charlotte, N.C., where the company has its headquarters. (Globe Staff)
Moynihan, 50, who heads the bank's sprawling consumer and small business franchise, was tapped by Bank of America directors last night to succeed Kenneth Lewis, who is retiring on Dec. 31, under a cloud for his company's controversial acquisition of troubled investment bank Merrill Lynch.
Bank of America's directors cited Moynihan's vast range of experience running divisions within the company as well as a demonstrated ability to understand the issues facing the company and its many types of clients.
"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," the bank's chairman, Dr. Walter E. Massey, said in a statement.
A native of Ohio who first joined the region's banking establishment when he went to work handling legal matters for the former FleetBoston Financial Corp., Moynihan has served variety of positions at Bank of America, including as general counsel during a key period in the Merrill acquisition.
A lawyer by training, Moynihan had no formal background in banking. But he nonetheless emerged as the top candidate over numerous others with lengthy banking experience because of his reputation as a whip-smart and indefatigable executive who mastered many disparate tasks assigned to him during his years at Bank of America and Fleet.
Moynihan has been on a short list of candidates to succeed Lewis ever since he announced his retirement in September. The search had previously focused on top executives from rival financial institutions several of whom declined the job or announced they would stay put, including most recently, Robert P. Kelly, chief executive of Bank of New York Mellon Corp.
That left two internal candidates -- Moynihan, who is based in Boston, and Gregory Curl, its chief risk officer, who is based in Charlotte, N.C., where the company has its headquarters. (Globe Staff)
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