Brian Moynihan at the Reuters Wealth Management Summit in Boston, Massachusetts October 9, 2007. REUTERS/Adam Hunger

Brian Moynihan was on Wednesday evening announced to replace Kenneth Lewis as head of the nation's largest bank.

Moynihan who is currently president of the bank's consumer and small business banking unit, will replace Lewis on January 1, 2010.

Brian has been the top executive leading wealth management, corporate and investment banking and consumer banking, Bank of America Chairman Walter Massey said in a statement.

I am honored to have the opportunity to lead this important company, Moynihan said in a statement.

We have everything we need at Bank of America to be the best financial services company in the world. What we need to do now is very simple. We need to execute.

Moynihan, 50, joined Bank of America after it acquired FleetBoston in 2004.