February 25, 2011 / 11:43 PM / 9 years ago

BofA CEO leases company aircraft for personal use

* Agreement lasts for next 12 months, automatically renews

* Moynihan allowed to lease any company aircraft

CHARLOTTE, N.C., Feb 25 (Reuters) - Bank of America Corp (BAC.N) Chief Executive Brian Moynihan can now lease company aircraft for personal use, under a new agreement disclosed in the company’s annual report on Friday.

Under the terms of the deal approved on Feb. 24, Moynihan can lease the aircraft for personal use for the next 12 months. The agreement will then automatically renew.

Moynihan has been CEO of the largest U.S. bank by assets since January 2010, when he replaced retiring predecessor Kenneth Lewis. (Reporting by Joe Rauch; editing by Andre Grenon)

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