Insiders at Lehman Brothers (LEH) say that CEO Dick Fuld on his way out and will be gone before the end of the year, according to the Guardian. COO Bart McDade is tipped as Fuld’s likely successor. The Guardian:
Whether a Lehman suitor emerges or not, well-placed sources within the bank are certain that Fuld is set to hand over the reins before the end of the year. ‘He is involved less and less with day-to-day executive affairs, and his credibility is shot,’ one senior Lehman source said.
Insiders pointed out, however, that Bart McDade, Lehman’s relatively new chief operating officer, has assumed many of Fuld’s former duties.
Again, Lehman would not comment about McDade’s future at the bank. A source close to the chief operating officer would only say that there ‘had been no conversations’ about his becoming chief executive.