Brian Moynihan reassigned several Bank of America Corp. executives Tuesday, less than a month after being named the chief executive.
Joe Price, the company's chief financial officer, will replace Moynihan as president of consumer, small business and card banking, effective Feb. 1. The $2.3 trillion-asset Charlotte company said it would pursue an external candidate for CFO, though chief accounting officer Neil Cotty will handle those duties on an interim basis.
Gregory Curl, who just last summer was named chief risk officer, was reassigned to "focus on key strategic partnerships" with a global concentration, the company said in a press release. Curl, a chief architect behind the company's major acquisitions, is a liaison between Bank of America and China Construction Bank, where he sits on the Chinese bank's board of directors.
Curl and Price were both at one point considered candidates to become CEO, with many believing Curl to be a finalist for the post. Moynihan credited Curl for positioning B of A "for strength, stability and soundness" during his brief tenure as chief risk officer.
Bruce Thompson, the managing director for global capital markets, will succeed Curl as chief risk officer.
By largely shifting existing executives, Moynihan reiterated his endorsement of the company's strategic direction. "We are all comfortable with the business model," he told American Banker right after getting the top job.
Moynihan, for the most part, left the rest management team of his predecessor, Ken Lewis, intact. Longtime Lewis confidante Steele Alphin remains chief administrative officer. Sallie Krawcheck, Tom Montag, and Barbara Desoer — who were all at times mentioned as possible CEO candidates — will remain in their current management positions. Cathy Bessant's duties were adjusted slightly; she becomes the company's global technology and operations executive. She had been president of global product solutions.
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