Bank of America Chief Executive Brian Moynihan has been named chairman, effective immediately.
The lender said Wednesday that its board of directors elected Moynihan to succeed Charles "Chad" Holiday Jr.
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Moynihan has been CEO of the Charlotte, North Carolina-based bank since January 2010. He has steered the bank through its recovery from the 2008 financial crisis, which included in August agreeing to pay a record $16.65 billion settlement for its role in selling shoddy mortgage bonds.
Jack Bovender Jr., who has held a seat on the board since 2002, will become the company's lead independent director. He has previously served as chairman and chief executive of hospital operator HCA.
Shares in Bank of America ended regular trading down 23 cents to $16.82. Its shares are up 8 percent this year.