Chief Executive magazine announced today that Brian T. Moynihan, the Chairman and Chief Executive Officer of Bank of America, has been named 2020 Chief Executive of the Year by his peer CEOs.
An independent selection committee of CEOs convened by Chief Executive last spring cited his decade-long work building the strength of the second-largest U.S. commercial bank, with an emphasis on technology transformation and inclusion and diversity, all of which showed distinguished leadership during a tumultuous era and set an example for others throughout American business.
“In a complicated time for the nation’s banking system, I think he’s positioned Bank of America to be a stable leader during tough times for the benefit of all America’s consumers and corporations who rely on BofA to supply us with our banking needs,” said Adam Aron, CEO of AMC Entertainment, who served on the 2020 CEO of the Year selection committee.
“Through thick and thin and thin again, Brian Moynihan has led Bank of America with humility and a focus on the long term, delivering extraordinary results and strong team spirit,” said Arne Sorenson, President and CEO, Marriott International and the 2019 Chief Executive of the Year. Sorenson also served on the 2020 selection committee.
Since becoming CEO in 2010 in the midst of the global financial crisis, Moynihan has led a dramatic reconstruction of Bank of America, overseeing more than $35 billion in technology investments while also leading a transformation of the company’s culture, with an emphasis on expanding diversity and inclusion.
Those efforts have resulted in numerous awards and honors, including Black Enterprise’s 50 Best Companies for Diversity, LATINA Style magazine’s 50 best companies for Latinas, a top 10 company in Working Mother magazine’s 100 Best Companies and Fortune’s Best Workplaces for Diversity and Best Workplaces for Women. Moynihan personally chairs BoA’s Global Diversity and Inclusion Council, providing strategic direction on how the company approaches diversity and inclusion.
“Brian, starting with the financial crisis, has navigated through difficult times, has transformed Bank of America using technology and knowhow to what it is today,” said Carmine Di Sibio, Global Chairman and CEO, EY Global. “Even in difficult times today, he’s making sure that Bank of America stands by its principles and stands by Brian’s principles. Brian is a courageous leader, but, most of all, he’s a leader who cares about his people and his teammates.”
Moynihan said: “This honor reflects the work of my 210,000 teammates around the world who come to work every day to drive Responsible Growth by serving our clients, our communities, looking after each other and delivering for shareholders. I’m proud to accept this recognition on their behalf.”
“Brian is a remarkable CEO who truly embodies each of the key qualities of a transformative leader,” said Ted Bililies, Chief Talent Officer, Managing Director, AlixPartners, who serves as the exclusive adviser to the 2020 Selection Committee. “He sets forth a very compelling vision of where the business needs to go, communicates authentically while holding his teams accountable, and is always learning. These attributes are exemplified by Brian’s success in helping BofA not just recover from crises but also set the stage for sustained success and resiliency long into the future. Furthermore, Brian demonstrates exceptional strategic intelligence through his commitment to ensuring that the bank maintains its leadership in digital innovation.”
Moynihan’s selection as 2020 CEO of the Year is currently scheduled to be celebrated at an invitation-only event hosted by Chief Executive Group at the Nasdaq MarketSite in New York City this fall.
About Chief Executive of the Year
Over the past 34 years, Chief Executive of the Year winners have been a who’s who of American business leadership, including Bill Gates, Jack Welch, Michael Dell, A.G. Lafley, Marillyn Hewson, John Chambers, Bob Iger, Anne Mulcahy, Larry Bossidy, Andy Grove and Herb Kelleher, among others.
About the 2020 Selection Committee
The Chief Executive of the Year was selected by a committee of distinguished peer CEOs. The 2020 committee consists of Arne Sorenson (President and CEO, Marriott International; 2019 CEO of the Year), Adam Aron (President and CEO, AMC Entertainment), Dan Glaser (President and CEO, Marsh & McLennan), Neal Keating (President and CEO, Kaman), Fred Hassan (former Chairman, Bausch & Lomb; Partner, Warburg Pincus), Tamara Lundgren (President and CEO, Schnitzer Steel), Max H. Mitchell (President and CEO, Crane Co.), Robert Nardelli (CEO, XLR-8), Tom Quinlan III (Chairman, President and CEO, LSC Communications), Jeffrey Sonnenfeld (President and CEO, The Yale Chief Executive Leadership Institute) and Carmine Di Sibio (Global Chairman and CEO, EY Global). Ted Bililies, Ph.D., Chief Talent Officer, Managing Director, AlixPartners, is the exclusive adviser to the 2020 Selection Committee.
About Chief Executive/Chief Executive Group
Chief Executive Group is the leading community for business leaders worldwide. It publishes Chief Executive magazine (published since 1977), ChiefExecutive.net, Corporate Board Member and BoardMember.com, as well as conferences and roundtables that enable CEOs to discuss key subjects and share their experiences with their peers. The Group also runs the Chief Executive Network, the leading CEO membership organization arranged by industry, and facilitates the annual CEO of the Year, a prestigious honor bestowed upon an outstanding corporate leader, nominated and selected by a group of peers. Visit www.ChiefExecutive.net for more information.
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