Bank of America has combined the roles of chairman and chief executive for the first time since the immediate aftermath of the financial crisis.
The $2.2 trillion-asset company said in a press release Wednesday that Brian Moynihan would now hold both titles. Moynihan said in the release that he plans "to build on the sound governance processes the board the has put in place."
The move comes more than five years after the Charlotte, N.C., company's board stripped Kenneth Lewis of the chairman's role in April 2009. Lewis announced plans to retire as chief executive six months later.
Moynihan, hired to succeed Lewis as CEO in 2010, succeeds Charles Holliday Jr., as chairman.
"There's more work ahead, but Brian's strategy to simplify the company and connect it with the real economy continues to build value for shareholders," Holliday said in the release.
B of A also named Jack Bovender Jr. as its lead independent director. Bovender, the former chairman and CEO of HCA, joined the board in 2012.