Bank of America's Ken Lewis Is Offering to Stay
More News related to BAC
- S&P Revises Credit Outlooks On BofA (BAC) and Citi (C) to Negative, Saying No More Free Govenment Handouts
- Active equity option families in first 30 minutes of trading according to Track Data are: GE BAC FSLR OXY
- Bank of America Merrill Lynch Announces Global Capital Markets Leadership
- S&P Lowers BofA (BAC) Credit Outlook from Stable to Negative
- China's Massive Investment Fund Discloses $9.63 Billion U.S. Portfolio (TCK, MS, BLK, V, more...)
More News related to Insiders' Blog
- Sprint (S): Q4 Earnings Preview
- NYSE Euronext (NYX) Beats the Street's Q4 Views on Both the Top and Bottom Lines
- Q1 Earnings Preview: Walt Disney (DIS)
- S&P Revises Credit Outlooks On BofA (BAC) and Citi (C) to Negative, Saying No More Free Govenment Handouts
- Airline Stocks Taking-Off as UAL Reports Strong Monthly Traffic Results; Investors Shrug at Flight Delays (UAUA, DAL, LUV, AMR, more)
Kenneth Lewis, CEO of Bank of America Corp. (NYSE: BAC), has said that he would consider postponing his December 31 retirement date in order to act as a bridge for the company as it seeks a successor for the position, according to a report from the Wall Street Journal.
The concession of Lewis, 62, to offer to stay and help shows that the bank is still having trouble finding a suitable replacement. According to people close with the matter, multiple outside candidates have been floated out there, but the longer the process goes, the less cohesive the company becomes without strong navigation.
According to the report, the bank has identified inside and outside potential candidates for the CEO position and was expected to have deliberated on the matter over the weekend.
The candidates from outside the company are few and far between as the company is under pay restrictions due to the bank's status as having received exceptional assistance from the government bailout program. Any inside candidates are receiving scrutiny from any possible connections to the Merrill Lynch deal.
Whoever does decide to take the role will have to deal with the current less-than-optimal conditions that are handicapping Bank of America. The decision will likely not come before the third target date of Thursday since the hiring process began.
Shares for Bank of America are up 2.08 percent to $16.46 in the early market hours.
Real-Time Market Moving News Two-Weeks FREE http://www.streetinsider.com/premium_content.php
Related Categories
Insiders' BlogManagement Changes
Rumors
Stocks Mentioned
+0.00Related Entities
Comments
Ken Lewis
I noe feel Ken Lewis should remain with BAC until he is 65 years old. Why? I now believe he got shafted by (1) The Federal Government; (2) Wall Street; (3) Certain stockholders. Just wait to see how BAC ends 2011 and follows through 2012 with superior results.
Mr. Ken Lewis, Ceo of BAC
Mr. Lewis, I sure do hope that you stay on with BofA. It's been obvious that Gov't has not been nice to you, and you are much smarter that Barney Frank, Reed, and Schummer. Mr. Lewis, I think that it is about time that you start kicking some butt. You are smart enough to help make America what it is supposed to be, a free enterprise. Happy Thanksgiving and God Bless You!! Bernie.
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
Lewis
Banker on Nov 29, 2009 08:26 AMLewis should just retire already. It's shameful on his part that he didn't leave a sold succession plan in place. Just name a candidate already, and let's get the stock back on track. This delaying of this whole process is hurting everyone.