Summary
This 8-K filing by Bank of America Corporation announces a significant leadership change. Effective January 1, 2010, Brian T. Moynihan will succeed Kenneth D. Lewis as the President and Chief Executive Officer of the Corporation. Mr. Moynihan, who has a long and varied history within the company and its predecessors, including leadership roles in Wealth and Investment Management, Corporate and Investment Banking, and most recently Consumer and Small Business Banking, has also been appointed to the Board of Directors. Mr. Lewis will retire from the Board at the end of 2009. The appointment of Mr. Moynihan signifies a transition in leadership for Bank of America during a critical period. Investors will likely focus on his strategic vision and ability to navigate the complex financial landscape, building upon his extensive experience within the organization. The news release detailing this executive change is attached as an exhibit to this filing.
Key Highlights
- 1Brian T. Moynihan appointed as President and CEO, effective January 1, 2010.
- 2Brian T. Moynihan to succeed Kenneth D. Lewis as CEO.
- 3Kenneth D. Lewis will retire as a director of the Corporation on December 31, 2009.
- 4Brian T. Moynihan appointed to the Board of Directors, effective January 1, 2010.
- 5Mr. Moynihan will serve on the Executive Committee of the Board.
- 6Mr. Moynihan will not receive compensation for his services as a director.
- 7The filing incorporates by reference a News Release dated December 16, 2009, detailing the announcement.