Bank of America Names CEO Brian Moynihan as Chairman of Its Board

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.