Bank of America Corp's CEO, Brian Moynihan, has taken on a dual role after the board appointed him chairman of the company
Bank of America Corp (BoA ) has appointed CEO Brian Moynihan as its new chairman. It expects the current chairman, Charles Holliday, to remain on the executive board, while Jack Bovender, ex-Chief Executive, and Chairman of Hospital Corporation of America Inc. (HCA ), will be BoA’s new independent director.
This is not the first time the North Carolina-based bank has dumped both roles on a single individual. Former CEO and Chairman of Bank of America, Ken Lewis, was obligated to give up either role in 2009, after which Moynihan was appointed CEO.
Moynihan's impressive performance with the bank lead to him being elected as chairman. This year alone, he was able get approval
from the Fed, to increase the bank’s dividend payout from $0.01 to $0.05 per share. Two months ago, he was also able reach a settlement over a lawsuit with the Department of Justice (DoJ). According to the new chairman, this was "the last of the big crisis-era litigation involving BoA.”
Moynihan started off as a lawyer at FleetBoston Financial, where Terry Murray (then CEO of BoA) offered him a position at the bank, which was the turning point in his career. In 2004, the bank bought FleetBoston, and made Moynihan supervisor of the merger's wealth management section. Eventually, he grew tired of BoA and was on the verge of resigning, but he decided not to after he was offered a position on the general counsel. Later, he became of CEO of Merrill Lynch after its sale to BoA in September 2008.