When Lyle LaMothe said on March 3 that he would step down from his post as head Bank of America Merrill Lynch’s U.S. wealth management business, industry speculation immediately set into motion regarding his replacement. And then the wait began.

LaMothe is scheduled to leave his position on May 1 to focus on personal interests. The industry suspense since LaMothe’s March announcement was put to rest on Wednesday, when wealth management division President Sallie Krawcheck named current head of the Merrill Lynch Private Banking and Investment Group John Thiel as LaMothe’s successor starting May 1.

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