Moynihan to succeed Lewis as Bank of America CEO

Bank of America named Brian Moynihan, head of the company's consumer-banking unit, as CEO, replacing Kenneth Lewis. The bank said Moynihan will take over at the end of the year. "What we need to do now is very simple," he said. "We need to execute." Moynihan was brought to BofA when it acquired FleetBoston Financial in 2004. BofA Chairman Walter Massey led an 11-week CEO search and said Moynihan was elected unanimously.