An internal campaign has been mounted to force Dick Fuld out of Lehman Brothers by the end of the year, the UK’s Observer reported Sunday. His responsibilities at the firm have already been reduced.
MarketWatch: Richard Fuld, the embattled chief executive of investment firm Lehman Brothers Holdings Inc., is facing an internal campaign to force him out by the end of the year, U.K.-based daily The Observer reported Sunday.
But regardless of whether a buyer for the firm comes forward, “well-placed sources” within Lehman are “certain” that Fuld will have to step down before the year is over, The Observer said.
“He is involved less and less with day-to-day executive affairs, and his credibility is shot,” the newspaper quoted a senior source within Lehman as saying.
Sources also told The Observer that Lehman’s Chief Operating Officer Bart McDade is assuming many of Fuld’s former responsibilities.
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