Stunned BofA Board May Name Interim CEO

bank of america

Bank of America’s board is reportedly considering an interim CEO, which would give more time for internal candidates to be groomed.

This also reflects the board’s lack of preparation for Lewis’s resignation. It does seem they were taken by surprise. Earlier, Lewis had said he would stay in place until the bank paid off TARP.

From the Wall Street Journal:

“We don’t want to go through what Citi went through,” one director told a person close to him. That is a reference to two months in late 2007 when Citigroup Inc. was rudderless following the departure of CEO Charles Prince.

“If we had more” notice of Mr. Lewis’s departure, “we could have started work on it,” this person said he was told by the Bank of America director.

 

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