Brian Moynihan will take over as Bank of America’s new President and Chief Executive Officer from January 1, 2010. Brian Moynihan will take over the charge from Ken Lewis.
Brian Moynihan had been small business banking chief of B of A. The selection of Brian Moynihan as President and CEO amid economic crisis however ended the search for a right candidate in the presence of pay restrictions imposed by the government seems a good decision.
Despite the mixed opinion about this promotion of Brian Moynihan both at B of A and Wall Street, it was considered a sharp move made by the selection committee of the bank An external candidate may have had his own agenda that bank would not afford to follow right at this time and secondly an outer candidate may bring some turbulence that bank did not need presently.
Brian Moynihan being an internal candidate was considered much suitable for the reason that he knows all the players well and have the first hand knowledge of all the problems that would arise with ability to know how to tackle these problems.
Brian Moynihan with a wider range of experience and strong relations within and outside of the business community would benefit the company, being a man who would easily understand the business dynamics and changes required in the business environment of the company. No doubt, Brian Moynihan would provide a smooth change and not a turbulent one that would not be favored by the board of directors of the bank.
Brian Moynihan has commented on his promotion that he would not introduce any major changes in the present business strategy of the bank.
Brian Moynihan has been serving as Bank of America’s General Counsel, Head of Global Corporate and Chief of Investment and Consumer Banking. Being CEO, Brian Moynihan has to face many challenges like reshaping the relations with regulators and Congressmen who were not very positive about Lewis.
Choosing within the organization shows its ability to produce leadership and its longevity to survive.
Brian Moynihan
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