Bank of America has elected Charles Holliday as its new chairman, succeeding Walter Massey.

Mr Holliday has served as a director since September 2009. He is the former chairman of the board of directors of E.I. du Pont de Nemours and Co, a position he had held for approximately 10 years. He served as CEO of DuPont from 1998 until 2008. He joined DuPont in 1970 as an engineer and held various positions throughout his tenure.

Since 2007, Mr Holliday has served as a member of the board of directors of Deere & Co and as a member of the board’s audit and corporate governance committees.

Brian Moynihan, CEO and president of Bank of America, said: “Chad brings excellent perspective with experience as a chairman and chief executive of a prominent global business. He is a terrific partner on our board and will be an excellent chairman. On behalf of the management team and all our associates, I thank Walter for his service on the board and for his steady hand as our chairman during a uniquely challenging period.”