""Bank of America"":http://www.bankofamerica.com has named Ron Sturzenegger to replace Terry Laughlin as head of the bank's Legacy Asset Servicing division, the unit that manages problem home loans and investors' mortgage repurchase claims.[IMAGE]
Laughlin has now officially assumed his new role as chief risk officer, as announced by the company last month.
Sturzenegger, who will report directly to CEO Brian Moynihan and joins the company's management team,[COLUMN_BREAK]
was previously global head of Real Estate, Gaming & Lodging Corporate & Investment Banking for Bank of America Merrill Lynch.
Under Sturzenegger's leadership, BofA Merrill Lynch's Real Estate, Gaming & Lodging business was ranked number one in the Americas for the last three years and is ranked number one globally year-to-date.
""Ron is a proven leader who brings deep credibility and expertise in real estate to the Legacy Asset Servicing team, and I welcome him to the management team,"" Moynihan said. ""Ron benefits from the great momentum the Legacy Asset Servicing team has created in the past year, and I am confident he and the team will build on that as we put these issues behind us.""
Sturzenegger joined Bank of America in 1998. He most recently has served as a catalyst team member for Project New BAC, focused on the company's home loans business. He is a member of several key industry groups, including the Real Estate Roundtable and the Urban Land Institute and is on the policy advisory board for the Fisher Center for Real Estate & Urban Economics.