This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Bank of America CEO Search Deadline Looms

Stocks in this article: BAC

CHARLOTTE, N.C. ( TheStreet) -- Bank of America's (BAC) 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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,192.99 +218.68 1.29%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,566.2260 +17.00 0.37%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs