Bank Of America Blowing Past CEO Replacement Deadline, Search May Extend Until 2010

This Sunday was reported to have been the deadline for Bank of America (BAC) to find a new CEO.

Officially, their goal was to get it done this week, but it appears that’s not going to happen.

Bloomberg: The directors, who met Nov. 20, may be willing to go past their Nov. 26 target and the Dec. 31 retirement of CEO Kenneth D. Lewis if it means getting a better choice, according to a person familiar with the deliberations. At least four external candidates, including Citigroup Inc. director Michael O’Neill, rebuffed approaches. Options include an interim chief or a delay in Lewis’s retirement.

Bank of America representatives have said the bank was aiming for a decision by the Nov. 26 Thanksgiving holiday, calling it a target rather than a deadline. “The board has been talking to a number of candidates, both internal and external, and expects to have a decision in the very near future,” spokesman Robert Stickler said in a Nov. 20 e-mail.

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