Lewis’s Departure Troubles BofA
October 1, 2009 by Mark Ellis
Filed under Business
Former Bank of America chief executive Ken Lewis’s sudden departure announcement has left the financial giant struggling to fill the leadership gap that Lewis left. The situation has gotten so bad that the bank’s board of directors have considered a temporary fix, plugging the gap until the board can find another qualified leader for Bank of America.
People familiar with the situation have hinted at several Bank of America directors’ wishes to find a replacement that would hold Lewis’s job for only two years, giving the board of directors plenty of time to find an ideal candidate for the job. According to these sources, the board of directors has several internal CEO candidates in mind that would need time to mature before being offered the job.
The struggle comes at a time when Bank of America is working hard to keep its assets on course and to repair damage caused by the financial meltdown. Bank of America’s reaction to the situation also shows just how much of a surprise Ken Lewis’s announcement was, hinting that the ex-CEO may have literally given no hints that he would depart.
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