Bank of America has elected chief executive Brian Moynihan as chairman of its board. He'll succeed Charles ‘Chad’ Holliday, Jr., effective immediately. Holliday said in a statement, '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.' Moynihan has been CEO and a member of Bank of America's board since January 2010, presiding over the firm through various legal battles stemming from the financial crisis. Shares of Bank of America, which is a stock owned in Jim Cramer's ActionAlertsPlus charitable portfolio, are up about 4.5% this year.
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