Bank of America wants to quickly end the ongoing embarrassment over its inability to settle internal disputes and pick a sucessor to chief executive Ken Lewis. So it’s aiming to make a decision on its next CEO as early as Sunday, Charlie Gasparino reports.
Unfortunately, Bank of America is such a mess this may just be wishful thinking.
Gasparino writes at the Daily Beast:
So they want to move and move fast, at least as fast is defined down there in Charlotte, the headquarters city where these decisions get made. Even so, this executive reminds me that the board is still divided over internal candidates and hasn’t settled on someone from the outside to take the job. He also reminds me that the selection process is still beset by rivalries among various board members and pressure from the feds to find someone with better qualifications than senior executives already at the firm. In other words, he concedes, the process is pretty dysfunctional, so it might take a week or, as far he knows, longer than that to announce the new CEO.
Now you know why no one wants this job.