This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bank of America CEO Search Deadline Looms

CHARLOTTE, N.C. ( TheStreet) -- Bank of America's (BAC - Get Report) search for a new chief executive, and its dance of death with departing CEO Ken Lewis, has only gotten tougher as its self-imposed Thanksgiving deadline nears.

Lewis may have to postpone his planned departure on Dec. 31 if the board is unable to find a suitable replacement. Some shareholders would like him to entirely reverse his decision to leave, and some board members remain unhappy with his departure.

Speculation has heated up that Lewis will remain in his post since Rochdale Securities analyst Richard Bove published reports last week advocating for Lewis to be the "next" CEO. Reports on Monday in The Wall Street Journal and Bloomberg News indicated that the search will at least be extended, and that Lewis may lengthen his departure timeline until a qualified and willing replacement is found.

Outside candidates under serious consideration are few and far between, due to pay restrictions and Bank of America's status as a bank that received "exceptional assistance," thereby giving regulators special authority over its operations. Internal candidates are sure to be scrutinized intensely for any connections to the Merrill Lynch deal.

One of them, Brian Moynihan, was grilled by lawmakers last week, with Edolphus Towns, chairman of the House Committee on Oversight and Government Reform, questioning his qualifications.

Moynihan and director Charles "Chad" Gifford both deflected questions about whether the executive -- a lawyer by training who now heads consumer and small-business banking -- is in consideration for the top spot, but his name has been tossed around as a top candidate for months. The other potential internal successor is Chief Risk Officer Greg Curl, whom Lewis reportedly prefers.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AIG $54.84 -2.00%
BK $39.27 -1.40%
BAC $14.13 -1.60%
C $44.65 -2.00%
JPM $61.56 -1.60%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs