Bank of America Announces New CEO

At the start of 2010 there will be a new CEO of Bank of America after a two-and-a-half month search. Former CEO Kenneth D. Lewis’ successor has just been announced by the bank in a statement released to the public.

Bank of America has been searching for a new company executive since late September and according to a statement released to the public they have just found their man.

Brian T. Moynihan, Bank of America’s current head of consumer and small-business will be taking over for Kenneth Lewis as the company’s CEO at the start of 2010. For Bank of America, the decision was largely centered around who could help the bank make a new start. The bank issued a statement through its chairman, Walter E. Massey, saying, “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.”

The long awaited announcement ends “one of the industry’s most closely watched successions in recent memory.” Then bank looked at potential CEO’s both inside and outside the company before settling with Moynihan, who now faces the unenviable task of guiding Bank of America back to its post-bailout path towards the future. The $45 billion bailout which the bank received during the low-point of the economic crisis has now been paid back in full by the bank.