BofA having trouble with Lewis successor

This from WSJ:

A board committee at the Charlotte, N.C., company had hoped to pick a successor to retiring Chief Executive Kenneth D. Lewis in time for the full board to vote on the choice at its regularly scheduled meeting Wednesday. But committee members have indicated that they need more time, said people close to the directors.

The delay isn’t considered a major snag in the hiring process, and directors of the banking and securities giant still “want to get it done very quickly,” said another person with knowledge of the deliberations. Still, the slowdown shows how hard it will be for the 15-person board to satisfy a thicket of anxious constituencies that includes shareholders, employees, former executives and U.S. regulators.

From insiders, Curl and Moynihan still remain top contenders for Lewis’ spot when he leaves at the end of the year.  But shareholders and other concerned parties still insist on taking an outsider to be CEO.  More names are floating around, although some have expressed disinterest: BlackRock’s Larry Fink, former BofA CFO Al de Molina (now CEO of GMAC), MasterCard President and COO Ajay Banga, and former BofA vice chairman and finance chief James Hance, Jr.

Source: WSJ


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