Although it's bad news that BofA could not convince a fancy external executive to replace outgoing chief Kenny Lewis—the latest bigwig to give BofA the Heisman was BNY Mellon CEO Bob Kelly who supposedly had a little problem with the pay package he was offered, among other details that the directors of BofA's board could not all agree upon—it's great news that the firm has finally found someone to take over.
Moynihan, who officially becomes CEO of the monstrosity that is BofA on January 1, 2010, said he doesn't anticipate making any major changes anytime soon. As for Lewis, The Wall Street Journal points out that, during the exhausting search for his replacement, he had urged the board to pick another internal candidate for the job (Chief Risk Officer Greg Curl) but once Moynihan was nominated, Lewis miraculously and suddenly changed his mind, calling B Money "the right man for the job."
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