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Earlier this month, it was reported that Bank of America (BAC) might not announce a replacement for departing CEO Ken Lewis until Thanksgiving.
Now Thanksgiving has come and gone, and there is still no word of a new CEO for Bank of America.
"The selection process is continuing, internal and external candidates are being considered and a decision will be made in the near future," BofA spokesman Scott Silvestri told CNBC, which is speculating that the process could linger on into next year.
Indeed, the last time Bank of America officially spoke about Lewis' departure was in a press release and 8-K filed with the SEC on Sept. 30. The press release noted that "Ken Lewis, chief executive officer and president, announced today that he has notified the Board of Directors of his decision to retire, effective December 31, 2009. The Board will continue ongoing planning to ensure his successor is selected by that date. Lewis will retire as CEO and as a director."
Since then, a number of names have been bandied about, and rumors have surfaced through apparent leaks in the company's selection process that Ken Lewis may end up staying on past the retirement date.
So the question now is this: At what point will Bank of America go on the record with some kind of update on this highly unusual scramble for a succession plan?
Given the materiality of management changes, Bank of America may have an obligation to update shareholders in the event of a change in the plan for Lewis' retirement date. It's curious that the company has opted to operate through leaks and innuendos, instead of an official announcement, when it's clear that things aren't going as planned.
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