Due to the surprising announcement by Bank of America CEO Ken Lewis that he will step down as CEO by the end of the year, the firm is now scrambling to find someone who could take his place, albeit perhaps only for a 2-year tenure.
Bank of America Chairman Walter Massey is expected to lead a nominating committee that will conduct the search for Mr. Lewis’s replacement. The departing CEO, who said he will leave by year end and will remain a director until then, isn’t expected to be part of the official search process, although a BofA spokesman said the board would seek his “view.”
The full board is expected to discuss the CEO question at a meeting Friday and vote on the members of the nominating committee. The committee is expected to hire a search firm, said a person familiar with the process. Several executive-search firms began lobbying key board members early Thursday in hopes of obtaining the CEO assignment. It is too soon to know whether the board will conclude it needs a short-term solution, said people familiar with the deliberations, noting that directors could also select a long-term CEO, be it from inside or outside the company. The government will have some say, directly or indirectly, in the final selection, said a person familiar with the process.
Outsiders mentioned by WSJ who could possibly be considered to take over Lewis’ spot are: Heidi Miller and Charles Scharf from JP Morgan, Bob Steel of Wachovia, Alan Schwartz of the swallowed Bear Stearns, and Brian Moynihan and Sallie Krawcheck who are recent hires of BofA.
Ahhh, BofA just doesn’t wanna stop giving people something to look forward to. It’s drama one after the other.