Bank of America's Ken Lewis Is Offering to Stay
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.
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