Lehman gives CFO and COO walking papers
June 12, 2008 by Tisa Silver
Filed under Finance
Another one two bite the dust…
In its latest move to show commitment to fixing financial woes, Lehman Brothers relieved two of its highest ranking executives of their duties.
In recent days, spectators have been calling for the resignation of CEO Richard Fuld after the company posted a $2.8 billion loss. But, Mr. Fuld has escaped termination…at least for now. Instead, Chief Financial Officer Erin Callan and Chief Operating Officer Joseph Gregory were given the boot.
It was just Monday, that Ms. Callan made the media rounds explaining the great lengths Lehman has gone to in order to firm up its balance sheet. Meanwhile, Mr. Fuld opted to privately observe the company’s value shrink by $4 billion dollars in the past four days.
Lehman shares closed down another four percent today. I can see why Mr. Fuld might want some alone time, but shareholders deserve an explanation.
good post linked it to DMW