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Wednesday, October 1, 2014

Bank of America names CEO Moynihan chairman of board, (NYSE: BAC)

Bank of America Corp said it named Chief Executive Brian Moynihan as chairman of its board, effective immediately.He succeeds Charles "Chad" Holliday, the former chief executive of the chemical company E.I. du Pont de Nemours and Co , who served as the bank's chairman for more than four years.The Charlotte, North Carolina-based bank said Jack Bovender, the former chief executive of hospital operator HCA Inc and a member of the bank's board since August 2012, will become its lead independent director.Bank of America had combined the roles of chairman and chief executive until 2009, when shareholders voted to strip then-chief executive Ken Lewis of his chairman title. Investors objected to his decision to acquire Merrill Lynch at the peak of the financial crisis, and to the fact that executives at the investment bank received big bonuses just before the deal closed, in a quarter when it lost more than $15 billion.

Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 1.35% or $-0.23/share to $16.82. In the past year, the shares have traded as low as $13.68 and as high as $18.03. On average, 73984800 shares of BAC exchange hands on a given day and today's volume is recorded at 91202600.