Brian Moynihan wins Bank of America CEO race; William J McDonough to retire

Brian T Moynihan has been elected CEO by the Bank of America board of directors and will take up his new role following the retirement of Kenneth D Lewis on 31^st December 2009.

Moynihan has been involved in a number of leadership roles at the bank and will move from his current position as president of consumer and small business banking.

His appointment comes at the end of a race – sparked by the surprise retirement announcement by current CEO Lewis earlier in 2009 - which has seen a number of candidates touted and has taken place both internally and externally of the bank.

“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, Bank of America chairman.

The news came as former New York Federal Reserve president William J McDonough announced his retirement as vice chairman at Bank of America Merrill Lynch.

McDonough joined Merrill Lynch almost four years ago and retained his position after the bank was bought by Bank of America.

“Having known Bill for many years, I'd like to thank him for his many contributions, specifically to our company and more broadly to our industry as a leader in both the public and private sectors,” commented outgoing CEO Kenneth D Lewis.