Bank Of America Board Of Directors Elects Brian Moynihan Ceo

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17th December 2009, 04:19pm - Views: 1465






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MEDIA RELEASE PR37631


Bank of America Board of Directors Elects Brian Moynihan CEO


CHARLOTTE, N.C., Dec. 17 /PRNewswire-AsiaNet/ --


            Moynihan to Assume New Office Effective January 1, 2010


    The Bank of America Board of Directors today elected Brian T. Moynihan as

chief executive officer and president of the company. He will assume the

office and join the Board of Directors following the retirement of Kenneth D.

Lewis on December 31, 2009.


    To view the multimedia assets associated with this release, please click:





    Moynihan, 50, has held senior leadership positions at Bank of America

representing experience across virtually all business lines. He currently is

president of Consumer and Small Business Banking, which has relationships

with about 53 million households and small businesses across the United

States.


    "Brian's wide range of experience, his relationships inside and outside

of the company, and his demonstrated ability to understand business dynamics

and effect constructive change made him the best person for the position,"

said Dr. Walter E. Massey, chairman of Bank of America, who led a search that

considered both internal and external candidates.


    "Brian has been the top executive leading wealth management, corporate

and investment banking and consumer banking. His work with international

clients in our capital markets businesses has given him broad knowledge of

and perspective on global financial services markets. 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.


    "While we considered external candidates," Massey continued, "the Board

decided after listening to shareholders, regulators and others that Brian's

experience was commensurate with or better than any of those candidates, and

he offered the advantage of a smooth transition. Bank of America has a

talented team, and one of our principal jobs as directors is to support that

team as it goes about creating value for all of our constituencies."


    Moynihan, who was named to his current role earlier this year, joined

FleetBoston Financial (a predecessor to Bank of America) in 1993. He

subsequently rose to senior positions at that company. Fleet was acquired by

Bank of America in 2004.


    "I am honored to have the opportunity to lead this important company,"

said Moynihan. "We have everything we need at Bank of America to be the best

financial services company in the world. We have leading positions in every

important sector and market. We have capabilities that I believe match or

exceed all our competitors. We have the right values and culture, and we have

an unbelievably dedicated management team and associate base.


    "What we need to do now is very simple," Moynihan continued. "We need to

execute. This company has a long tradition of operational excellence and

strong execution. My goal is to refocus our efforts and attention on those

core capabilities that will make us the best financial services firm in the

world.


    "Clearly, customers and clients have benefited from the franchise Ken

Lewis, Hugh McColl and others have built over the decades. Our business model

has also worked for shareholders. Before the crisis, we were the most

efficient banking company with our business mix in the country, and we will

see that as a target going forward. I believe we have the scale, capital,

liquidity and diversity of income that all support safety and soundness.


    "But as the world has changed, we must continue to be flexible and build

on our strong tradition, and change to meet our customers' needs," Moynihan

said. "We think of this not as changing the business model, but changing the

way we do business. We are committed to fairness and transparency as we seek

to provide the best financial products and services in the world."


    Since taking over Consumer and Small Business Banking last August,

Moynihan has spearheaded the introduction of a new Basic Credit Card, the

freezing of credit card rates and the amending of overdraft policies to

benefit customers.


    Moynihan will succeed Lewis, who has served as Bank of America's chief

executive officer since 2001. Lewis recently announced that he will retire

from the company after a 40-year career on December 31, 2009.


    "I have worked closely with Brian Moynihan for six years, and I believe

he is the right person to lead our company forward," Lewis said. "He is a

decisive leader and an exacting manager. He understands the U.S. and global

financial services markets, and is extremely adept at the art of managing

risk and reward. He knows this company and its capabilities as well as, if

not better than, anyone. Most importantly, he cares deeply about our

customers, our shareholders, our associates and the communities we serve. I

applaud the Board's choice - Brian is the perfect leader to bring our many

market-leading businesses together, to build on our long-standing culture of

operational excellence, and to make sure our focus stays 100 percent on our

customers and clients as we move ahead."


    About Brian Moynihan

    Brian Moynihan joined FleetBoston Financial in April 1993. He was

promoted to lead Corporate Strategy and Development and then went on to lead

Global Wealth and Investment Management at the company. Following Bank of

America's 2004 merger with FleetBoston Financial, he joined Bank of America

as president of Global Wealth and Investment Management, overseeing the

delivery of industry-leading financial services to individual and

institutional investors, commercial businesses and large corporations,

financial institutions and government entities across the United States and

in more than 150 countries.


    From 2007 to 2009, Moynihan served as president of Global Corporate and

Investment Banking, leading a business delivering a wide range of financial

services products and services to more than 140,000 clients around the world,

ranging from small, high-growth and middle-market companies to large

multinational corporations, government entities, financial sponsors and

institutional investors.


    Moynihan is a member of the bank's executive management team, and chairs

Bank of America's Global Diversity and Inclusion Council.


    Moynihan is a graduate of Brown University and the University of Notre

Dame Law School. He serves on the boards of directors of YouthBuild Boston

and the Boys and Girls Clubs of Boston. He is a former chairman of the

Travelers Aid Society of Rhode Island and Providence Haitian Project, Inc.


    About Kenneth D. Lewis

    Lewis was named chief executive officer in 2001, succeeding Hugh L.

McColl, Jr., who served as CEO from 1983 to 2001. Lewis joined North Carolina

National Bank (NCNB, predecessor to NationsBank and Bank of America) in 1969

as a credit analyst in Charlotte. After serving in a variety of leadership

roles across the company, he was named chief executive officer and president

of Bank of America in April of 2001.


    Lewis was born in 1947 in Meridian, Mississippi. He earned a bachelor's

degree in finance from Georgia State University, and is a graduate of the

Executive Program at Stanford University.


    Lewis is the only two-time winner of American Banker newspaper's "Banker

of the Year" award (2002, 2008). He was named in 2007 as one of the 100 most

influential people in the world by Time magazine.


    During Lewis' tenure, Bank of America attracted millions of new customers

and expanded existing relationships through the creation of new financial

products, services, delivery channels and technologies, and by improving

customer satisfaction significantly across every major line of business.

Through selective acquisitions, Lewis garnered market-leading positions and

opportunities for future growth for the bank in important markets and sectors

of the financial services industry, including the Northeast and Midwest U.S.

banking markets, private banking, card services, home lending, wealth

management and investment banking.


    Under Lewis' leadership, Bank of America announced new 10-year,

nationwide goals for community development lending and investing ($1.5

trillion) and philanthropic giving ($2 billion), and a $20 billion

Environmental Initiative aimed at investing in the companies and technologies

that are helping to create environmental and economic sustainability around

the world.


    Bank of America

    Bank of America is one of the world's largest financial institutions,

serving individual consumers, small- and middle-market businesses and large

corporations with a full range of banking, investing, asset management and

other financial and risk management products and services. The company

provides unmatched convenience in the United States, serving approximately 53

million consumer and small business relationships with 6,000 retail banking

offices, more than 18,000 ATMs and award-winning online banking with more

than 29 million active users. Bank of America is among the world's leading

wealth management companies and is a global leader in corporate and

investment banking and trading across a broad range of asset classes serving

corporations, governments, institutions and individuals around the world.

Bank of America offers industry-leading support to more than 4 million small

business owners through a suite of innovative, easy-to-use online products

and services. The company serves clients in more than 150 countries. Bank of

America Corporation stock (NYSE: BAC) is a component of the Dow Jones

Industrial Average and is listed on the New York Stock Exchange.




SOURCE: Bank of America


    CONTACT: Investors May Contact: 

             Kevin Stitt, Bank of America,

             +1-704-386-5667, 


             Lee McEntire, Bank of America,  

             +1-704-388-6780; 

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             Reporters May Contact:  

             Robert Stickler, Bank of America, 

             +1-704-386-8465,

            

robert.stickler@bankofamerica.com


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