Bank of America’s board of directors elected Chief Executive Officer Brian Moynihan as chairman. He succeeds Charles Holliday, effective immediately.

Jack Bovender, a member of the board of directors since August 2012, will become the board’s lead independent director. Former chairman and chief executive officer of HCA, Bovender is a member of the board’s credit and enterprise risk committees.

According to the company's latest Form 8-K, Bovender's responsibilities as independent director include:

Planning, reviewing, and approving meeting agendas for the board;

Advising Moynihan of the information needs of the board and approving information sent to the board;

Acting as a liaison between Moynihan and the board's 13 independent directors; and

Calling meetings of the independent directors.

Moynihan became chief executive officer and a member of the board of directors of Bank of America on Jan. 1, 2010.