CHARLOTTE, N.C. ( TheStreet) -- The same director who is in charge of finding Bank of America's ( BAC) replacement CEO might have been close to losing his own directorship last year. Under one scenario, as the Merrill Lynch deal neared closing, Bank of America would have ejected three of its own directors and installed three Merrill directors in their stead, according to the Financial Times. Charles "Chad" Gifford, who is leading the search committee for a new CEO, would have been one of the departing directors, the FT says.
testified before Congress last week about the Merrill deal. They avoided questions about the CEO selection process, which has been ongoing since current CEO Ken Lewis announced his retirement on Sept. 30. -- Written by Lauren Tara LaCapra in New York.