Bank of America Corp.'s board voted to make Brian Moynihan
chairman, adding that role to his chief executive duties and
underscoring the bank's steady comeback from years of pain that
followed the financial crisis.
The current chairman, Chad Holliday, will remain on the board.
The change is effective immediately.
The bank split the role of chairman and CEO under duress in
2009, when former executive Ken Lewis held both roles but
shareholders voted to strip him of the chairman title.
Mr. Moynihan became CEO the following year. Mr. Holliday, the
former CEO and chairman of DuPont, has been chairman since
2010.
Mr. Moynihan, 54 years old, took over at the bank at a time when
it was reeling from the effects of its purchase of the mortgage
lender Countrywide Financial Corp. and investment bank Merrill
Lynch. Mr. Holliday said in a statement that Mr. Moynihan's
strategy of simplifying the company has built value for
shareholders.
Jack Bovender, the former CEO and chairman of HCA Inc., will
become the bank's lead independent director.
Write to Christina Rexrode at christina.rexrode@wsj.com
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