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Bank of America Seeks Interim Head
Bank of America may employ an interim CEO to replace departing head Ken Lewis when he leaves the company on Dec. 31, Bloomberg News reports. Initially, the bank's directors had said they wanted a permanent leader in place by Thanksgiving, but as The Daily Beast’s Charlie Gasparino has learned, none of the top candidates wanted the job. Four external candidates have turned the bank down. The main reason a replacement has been hard to find: salary. BofA needs to find someone who would be willing to take a paycheck low enough to please the Treasury Department paymaster, according to Bloomberg. One member of the House of Representatives told the directors that an internal candidate lacked the proper level of leadership. “For people who have choices, it’s hard to figure out why someone would take this job," said one Wall Street exec.
DeliaK
I can't believe this story, there are thousands of unemployed -- there must be someone who could actually do the job. AND could probably even do it beter!!!!
gak001
Where do I send my resume?
jst4horses
How about we all send a resume and split up the bucks?
IT would seem that a panel of Americans could figure it out in the best interest of America, and even without the big salary, and huge bonus package, whoever was chosen would be a LOT better off than they are now.
Maybe a regular person salary, and get a LOT of those foreclosures taken care of so we do not have so many homeless families,
AND
A lot of small business loans, and expansion loans for mid size businesses intead of a bonus package? It surely would make B OF A more popular than the say no company and foreclosure company that I keep seeing on court papers or loan aps through my volunteer work in community centers.
gak001
I'd be happy to take a mostly stock option compensation package with, say, $50,000 to cover living expenses and a reasonable expense account... and, of course, an awesome health care package, but I wouldn't need a golden parachute.
hfb1053
There must be some very bad underlying reason no wants the job at BofA. Logic dictates that it would be a great job even if only for a short time as in take the money and run so something else must be going on. Stay tuned.
Housebird
What sad news --- CEO and $53 million retirement score
"Not that Lewis should need the money. Though his cash salary has been $1.5 million annually since he took the reins in 2001, he has managed to chalk up $63 million in pay and perks over the past three years" ,
"That should give him about $3.5 million a year in pension payouts for the rest of his life -- at a time when people who bought the stock when he took the reins in 2001 are underwater on their investments".
Why does "Capitalism" graciously reward its "failed" leaders ??
.
briansays
So leave the position vacant
Just like in government you will be surprised things continue to run fine and you save $
Genni2002
good one!
jst4horses
Yes:)
reasonable
Demsdisorder is available.
This comment has been removed by The Daily Beast's editors.
Johnnyappleseed
Even intrem head will work.
Johnnyappleseed
Seems a lot of folks are looking for newhead!
byersl
I'll do it. Can I get a reduced overdraw fee though?
hammer
No one wants the job because BAC is one of those special "too big" to succeed firms. It has the largest brokerage firm. It is the third largest credit card business. It is the largest residential mortgage lender. It had the largest domestic commercial loan portfolio. It is the third or fourth largest investment bank. There is no one except Jamie Dimon of JP Morgan that has the knowledge about all these disparate parts. Then no one is willing to leave a successful career to join BAC where the pay czar would limit compensation . The board could be stupid like Citigroup and hire an untested hedge fund capital markets geek. But, even they are smarter than that. They should hire an experienced retire bank CEO and let him groom a successor that will be ready a few years.
jojo12
I'll take the job! I'll sell those areas of BOA that are profitable, I'll write-off bad debt. I'll close branch offices that are not profitable. I'll pink slip the people who caused the bank's problems. When I'm done, BOA will be a smaller bank but I will have taught the Fed & Teasury a lesson, no bank is too big to be steamlined.
memo02
This people looking for some one who take less money, but leaving everything the same way nothing will change one is good as the other !,...
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