After previously announcing that he would leave the CEO post in December, Bank of America (BAC) head Ken Lewis is backpedaling in light of the company's difficulty in finding a replacement.
The Wall Street Journal (subscription required) reports that Mr. Lewis "has said he would consider postponing his retirement if directors need more time to find a successor or smooth the transition to the next CEO, according to a person close to him."
Bank of America has reduced its list of internal candidates to two possibilities: consumer and small-business banking chief Brian Moynihan and chief risk officer Gregory Curl, both of whom played a major role in the decisions that led to the need for a federal bailout and a significant decline in shareholder value.
The board is also considering outside candidates, but there are no names on that table that have been made public. The company has struggled to attract qualified outsiders because Bank of America is such a mess, and most sane people would rather do anything but manage Bank of America.
As much as Ken Lewis deserves to be pushed out as CEO, it may actually make sense to keep him there a bit longer while the board continues its search. With so much taxpayer money on the line, it's not a decision that should be made in haste, spurred on by an artificial deadline for Mr. Lewis' retirement.
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Reader Comments (Page 1 of 1)
11-21-2009 @ 2:24PM
M.C. Hatterman said...
I'll do it. $65k per year and benefits. Hell, anybody could do a better job than these clowns.
11-21-2009 @ 6:50PM
william lindblad said...
Gee, the board is having trouble with a replacement?
The solution to this problem is easy - replace the board.
Greenspan is available, so might be Barney Franks, but I would opt for Mickey Mouse. The later is the best choice as he has the most experience operating in fantasy land.
Peter pan for chairman of BOFa's board!!!
11-22-2009 @ 12:39PM
Craig Buck said...
The only indefinite job he deserves is a life sentence.
11-23-2009 @ 10:36AM
Steve said...
The idea that the board cannot find a replacement is ludicrous in my opinion.
There are plenty of qualified people out there willing to serve this position. Interestingly enough, now would be the good time to become the CEO since we are, in theory at least, moving out of the bad times.
As a previous poster mentioned, if the board cannot do its job, replace the board. Obviously, the board simply does not want to do its job. I guess with the holidays coming up, they don't have the time...