America's newest top banker

Massey, 71, takes over for embattled CEO Ken Lewis, who served as both chief executive officer and chairman of the board prior to the change. Lewis has been under fire from some angry investors after BoA purchased investment bank Merrill Lynch last year in a deal that took effect in January 2009.

Lewis was criticized for his failure to disclose his knowledge of Merrill's financial situation last year. He told officials that he was warned by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke not to disclose the information.

It's not clear what impact Massey's appointment will have on the company since Lewis will remain in his role as CEO. Massey is described as a distinguished physicist, respected academic administrator and longtime bank director.

A native of Mississippi, Massey served as director of the National Science Foundation, under the first President George Bush. He graduated from Morehouse with a bachelor of science in physics and mathematics in 1958 and went on to earn a doctorate in physics from Washington University in St. Louis in 1966.

Bank of America provides a diversified range of banking and non-banking financial services and products and operates in 50 states, the District of Columbia and more than 40 foreign countries. The company has 6,100 banking centers, approximately 18,700 automated teller machines (ATMs), nationwide call centers, and online and mobile banking platforms, according to public information records.