Bank of America announced that Brian T. Moynihan, 50, head of the bank’s consumer and small business banking unit will replace Ken Lewis as president and CEO effective January 1. Prior to this announcement, it was rumored that Bank of New York chief Robert Kelly was in talks. Moynihan joined FleetBoston Financial in 1993 as deputy general counsel, and Fleet was acquired by Bank of America in 2004. Bank of America says the existing unit he heads has relationships with 53 million consumers and businesses.
His compensation wasn’t disclosed by BofA, but he wasn’t one of the top five highest paid execs in his previous role. Here’s a link to Moynihan’s bio. He takes over for Ken Lewis who took lots of criticism for his acquisition of Merrill Lynch, a struggling firm that still paid $3.6b in bonuses, during the heat of the credit crisis Fall 2008.