Bank of America Corp. said Bruce Hammonds will retire as the president of its credit card business at yearend.
Mr. Hammonds, 60, joined the $1.83 trillion-asset Charlotte company in January 2006, after it purchased the card issuer MBNA Corp., where he had been the chairman and chief executive.
Ric Struthers, B of A's consumer credit risk executive, will succeed Mr. Hammonds, the company said.
Mr. Hammonds has been "one of our most valuable executives," Kenneth D. Lewis, B of A's chairman, president, and CEO, said in a press release Wednesday.
"We have all marveled at his coolness under fire; his incredible knowledge of the credit card industry; and his quiet but effective way of communicating with associates, customers, and investors."
Mr. Struthers, 53, also joined B of A from MBNA, where he had been in charge of the international and consumer finance business. Since May, Mr. Struthers had been B of A's consumer credit risk executive.
A B of A spokesman said that Mr. Hammonds was not available to comment further.
