(Reuters) - Bank of America Corp said it named Chief Executive Brian Moynihan as chairman of its board, effective immediately.
He succeeds Charles Holliday, who served as the company's chairman for more than four years.
"The board strongly supports the strategy that Brian has set and, after careful deliberation, has decided to take these next steps in our governance responsibilities," Holliday said in a statement.
The bank said Jack Bovender, a member of the board since August 2012, will become its lead independent director.
Moynihan was named CEO and a board member in January 2010.
Moynihan has been aggressively cutting costs to turn the bank around. Bank of America posted a bigger-than-expected 70 percent jump in profit in the latest quarter.
The company's shares were up slightly at $16.86 in extended trade. They closed at $16.82 on the New York Stock Exchange on Wednesday.
(Reporting By Krishna Chaithanya and Anil D'Silva; Editing by Sriraj Kalluvila)
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