Bank of America has promoted John Thiel to head of Merrill Lynch U.S. Wealth Management replacing Lyle LaMothe, who is retiring, according to a company memo sent out by wealth management division President Sallie Krawcheck on Wednesday.

Thiel, 50, will take on the new role on May 1 after previously serving as head of the Merrill Lynch Private Banking and Investment Group, which has more than $160 billion in assets. In his current role, Thiel has worked to develop a client service strategy targeting ultra-high net worth investors, design investment management products and develop generational transition strategies, according to the memo.

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