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Monday, November 23, 2009
Bank of America May Extend CEO Search
By Darryl R. Isherwood
FOXBusiness
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Bank of America, (BAC) which has had difficulty finding a replacement for outgoing Chief Executive Ken Lewis, may extend the search into next year if the board cannot decide on a candidate this week, Bloomberg reported.
According to various reports, at least four external candidates have told the board they were not interested in being considered for the spot. The board had set a November 26 deadline to name a new CEO.
Lewis, who along with the company is under fire from various law enforcement and regulatory agencies, is set to step down on December 31. But according to a report in the Wall Street Journal he may delay his retirement if a suitable replacement is not found.
Last week, at least one stock analyst said there is a chance Lewis could end up staying on indefinitely.
Several internal candidates have also been named as possible successors, but some institutional investors have pushed for an outside candidate with no ties to the current management team.
Bank of America and its executive team have faced questions over the handling of the company’s acquisition of brokerage giant Merrill Lynch late in 2008. Law enforcement officials as well as regulators are investigating whether executives withheld information about Merrill’s mounting losses from shareholders prior to the deal.
Lawmakers have also accused the bank of overstating its desire to withdraw from the Merrill deal in an attempt to secure government bailout money.
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