Bank of America Goes Outside for New CFO

opted to go outside of the company for its new chief financial officer, tapping the well-traveled Charles Noski for the post.
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NEW YORK (

TheStreet

) -- Known for promoting from within in the past,

Bank of America

(BAC) - Get Report

has opted to go outside of the company for its new chief financial officer, tapping Charles Noski for the post.

Noski has a wealth of experience with high-profile public companies, most recently serving as CFO of

Northrop Grumman Corp.

(NOC) - Get Report

. In the past, he has filled the same role at

AT&T

(T) - Get Report

,

Hughes Electronics

, and

United Technologies

.

Noski succeeds Joe Price, who was named Consumer, Small Business & Card Banking at Bank of America in January. The 57-year-old Noski will be based in the company's Charlotte, N.C. headquarters, and his appointment is effective May 11.

Noski has also been a director at

Morgan Stanley

(MS) - Get Report

, and a number of other companies, and served as a senior advisor to private equity firm

The Blackstone Group

(BX) - Get Report

.

Price's shift to his current role coincided with Brian Moynihan taking over the CEO post from Ken Lewis at the beginning of 2010. Neil Cotty, Bank of America's chief accounting officer since 2004, had been serving as interim CFO. Both Lewis and Price were hit with civil charges of fraud by New York Attorney General Andrew Cuomo in Feburary.

Bank of America shares were gaining 2% to $19.04 in morning action on Wednesday, buoyed by strong results from

JPMorgan Chase

(JPM) - Get Report

, which beat Wall Street expectations for both earnings and revenue for the first quarter before the opening bell. The session-high of $19.15 is a new 52-week peak for the stock, which hasn't seen these levels since mid-October.

Bank of America's results for the March period are to be released prior to Friday's opening bell. The current average estimate of analysts polled by

Thomson Reuters

is for a profit of 9 cents a share on revenue of roughly $28 billion in the period.

--

Written by Michael Baron in New York

.