Brian Moynihan ’81 will start his tenure as the next Bank of America CEO Jan. 1, the bank announced Wednesday. His selection after a long search made difficult by the bank’s acceptance of federal bailout money, the AP reports:
The move “draws to a close what is probably the executive search from hell,” said Tony Plath, a finance professor at the University of North Carolina at Charlotte. “They needed to find someone to end the drama so that the bank can get back to regular business, but at the same time I am surprised by their choice. You do have a young and untested CEO running a major commercial bank in the U.S.”
Moynihan said in a statement that he was honored to be chosen.
“What we need to do now is very simple,” Moynihan said in the statement, according to the AP. “We need to execute.”