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Lewis Heading for the Door?
Reports are surfacing that Ken Lewis might be leaving Bank of America soon. From Reuters:
Brian Moynihan, who heads Bank of America’s (BAC.N) investment banking and wealth management divisions, is emerging as a potential successor to Chief Executive Kenneth Lewis, the Wall Street Journal said.
Lewis, who has led the bank since April 2001, has indicated that he could leave once the current financial crisis is over and definitely plans to depart within three years, the paper said, citing people familiar with the matter.
Moynihan, who replaced former Merril Lynch chief John Thain in January, is on the working list of succession candidates, the Journal said in a report posted on its website.
Other candidates under consideration include mortgage chief Barbara Desoer and Chief Financial Officer Joe Price, the paper said.
If Lewis will go under the cover of an orderly succession, fine. The fact is he has been at the helm of the bank at a time of its retreat, and he needs do go.
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