Bank of America CEO Brian Moynihan was selected by Brown University to become its next chancellor, which is a volunteer role, the Ivy League institution announced Thursday.

The Corporation of Brown University elected Moynihan to the post. Moynihan is a 1981 graduate of Brown University, where he has been a member of the corporation since 2010, serving for six years as a trustee and now in his eighth year on the board of fellows.

The 54-member corporation is responsible for policy and long-term planning at Brown, and serve as fiduciaries of the university. The board is not involved in day-to-day administration of the university.

Moynihan will officially start his new position at his alma mater in Providence, Rhode Island, on July 1.

“It is an honor to serve Brown, the fellows and trustees, and especially the dedicated faculty, students, staff and alumni,” Moynihan said in a statement provided by the university. “I look forward to working with President (Christina) Paxson and her team as we continue to elevate our great university.”

Moynihan has been the chair and CEO of Charlotte-based Bank of America since 2010, and has served in various executive positions at the bank since 1993. He also leads the Bank of America’s Global Diversity and Inclusion Council.

Bank of America has more than 19,000 employees in the Charlotte region, part of around 213,000 workers companywide.

The chancellor and corporation board’s role at Brown

The corporation that Moynihan will lead holds key roles at Brown, including selecting the president, approving faculty appointments, setting the budget, tuition and salary pools, and approving strategic plans.

The chancellor serves as one of four appointed officers at the university, along with the vice chancellor, treasurer and secretary.

Moynihan will be Brown’s 22nd chancellor. He succeeds Samuel Mencoff, who has been the chancellor since 2016.

Brown University was founded in 1764. More than 10,700 students are enrolled at the university, from over 100 nations.

In announcing Moynihan’s election, Mencoff wrote that “there is widespread appreciation and respect for (Moynihan’s) insight, global leadership and management experience, values and wisdom.”

During his student days at Brown University, he was a member of the rugby team and earned a degree in history. Moynihan continued his education at the University of Notre Dame where he got a law degree.

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