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 Continues

CHARLOTTE, N.C. ( TheStreet) -- Bank of America's (BAC - Get Report) board didn't reach its goal of announcing a new CEO by Thanksgiving.

"The search committee intends to make a decision in the near future," said Bank of America spokesman Robert Stickler, in response to a question about the board's progress.

It was the third target date the company has let pass since current Chief Executive Ken Lewis announced his accelerated departure on Sept. 30. The board has had tremendous difficulty in the search because of several factors.

Lewis had set up a succession plan to allow internal candidates to compete and garner the experience necessary to run such a large, diverse banking franchise. It was expected that Lewis would stay on board quite a bit longer, grooming the top contender to take his place. But as legal entanglements and perception issues stemming from the Merrill Lynch acquisition mounted, he decided to call it quits.

There are reportedly two top internal candidates, Brian Moynihan, the head of consumer and small-business banking, and Greg Curl, chief risk officer. However, both have been criticized for having ties to the Merrill deal as well, and some have suggested that Moynihan lacks the necessary experience for the CEO role.

The list of suggested outside candidates -- including some from competitors like JPMorgan Chase (JPM - Get Report), Citigroup (C - Get Report)and Goldman Sachs (GS - Get Report) -- is long, but not all the names that have come up have been contacted by the board.

And many of those who would be well-suited for the role are already in positions they don't want to leave, such as Bank of New York Mellon (BK) CEO Robert Kelly. Others have been turned off by the spectre of strict government oversight and compensation limits.

Bank of America shares were down 63 cents at $15.32 in recent trading.

-- Written by Lauren Tara LaCapra in New York.

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
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!
BNY $14.72 0.00%
C $53.07 0.00%
BAC $15.56 0.00%
GS $197.35 0.00%
JPM $62.84 0.00%


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs