Lehman Brothers Dumps Joseph Gregory and Erin Callan


Lehman Brothers Holdings Inc., hustling to rebuild confidence about its financial credibility, replaced its president and its chief financial officer Thursday.

Chief Executive Richard Fuld, 62 years old, the longest-serving head of a big investment bank, named 48-year-old Herbert “Bart” McDade to replace longtime colleague Joseph Gregory as president and chief operating officer.

He also removed Chief Financial Officer Erin Callan, 42, who he named to the post just seven months ago, replacing her with Ian Lowitt, a low-profile administrative and finance executive. Mr. Lowitt, 44, has been co-chief administrative officer of Lehman since October 2006, overseeing corporate real estate, expense services, finance operations and risk management.

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