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Investing.com -- Bank of America (NYSE:BAC) CEO Brian Moynihan stated on Wednesday that he has no plans to leave the bank in the short term, while acknowledging the need to prepare future leadership candidates.
"I’m not going anywhere in the short term, but in the medium term... it takes a while to set that up and get people used to the size and scale this company," Moynihan said during an interview on Bloomberg TV.
Moynihan added that one of the key responsibilities he and his management team have to the board of directors is developing "a series of candidates that had the experience to run this company over time."
The comments come after Bank of America appointed Dean Athanasia and Jim DeMare as co-presidents on Friday, a move widely seen as positioning potential successors for the CEO role at the second-largest U.S. lender.
As part of the same leadership restructuring, Chief Financial Officer Alastair Borthwick was promoted to executive vice president.
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