Bank of America names Brian Moynihan new CEO

December 17, 2009

CHARLOTTE, N.C. - Bank of America's board of directors has chosen consumer banking chief Brian Moynihan to replace Ken Lewis as CEO of the nation's biggest bank on Jan. 1. Their pick of an internal candidate on Wednesday followed a months-long search and unsuccessful attempts to hire a star industry executive for the top job. The negotiations were complicated by pay restrictions imposed by government pay czar Kenneth Feinberg before the bank repaid $45 billion of federal bailout loans needed to prevent its failure.

- Associated Press

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