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, BofA'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, Bo 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 BofA from MBNA, where he had been in charge of the international and consumer finance business. Since May, Mr. Struthers had been BofA's consumer credit risk executive.
A BofA spokesman said that Mr. Hammonds was not available to comment further.
