Bank of America CEO Brian Moynihan has been elected chairman of the Charlotte, N.C., bank’s board, the lender announced Wednesday.
He becomes the first Bank of America CEO to hold the chairman post since Ken Lewis was stripped of the title in 2009 in fallout from the bank’s handling of its Merrill Lynch purchase.
Moynihan succeeds Charles Holliday Jr., effective immediately, the bank said.
“There’s more work ahead, but Brian’s strategy to simplify the company and connect it with the real economy continues to build value for shareholders,” Holliday said in a statement. “The board strongly supports the strategy that Brian has set and, after careful deliberation, has decided to take these next steps in our governance responsibilities.”
Moynihan became CEO and a member of the bank’s board of directors in 2010.