Bank of America has appointed Geoffrey Greener as chief risk officer. He succeeds Terry Laughlin, is moving to a new role as president of strategic initiatives.

Greener, an enterprise capital management executive, now joins the senior management team, the bank said.

Chief Executive Officer Brian Moynihan said the changes “mark the next phase of work to simplify our company, manage risk, and improve our efficiency and operational excellence."

Laughlin's responsibilities will include corporate strategy and enterprise client coverage, the company's program to serve customers and clients with integrated business capabilities in each market and community. He will continue to report to Moynihan and remain a member of the company's senior management team.