BofA appoints Brian Moynihan as President and CEO

Financial services major Bank of America today said its consumer banking chief Brian T Moynihan will replace Kenneth D Lewis as President and Chief Executive Officer of the company on January 1, 2010.

The 50-year-old Moynihan would take up the new position and join the board after the retirement of Lewis on December 31, 2009, the US-based bank said in a statement.

Moynihan had joined BofA as part of its 2004 purchase of FleetBoston Financial Corp. Over the years he has served as BofA general counsel, chief of global wealth management and consumer bank head.

The company selected an internal candidate after months-long search for the top job at BofA. Many times talks were obstructed due to the restrictions imposed by the government on executives compensation.

BofA said last week it had repaid $45 billion to the US government to free itself from the restrictions. The company had received bailout money from the government at the height of global financial crisis in 2008.