Bank of America needs an emergency CEO as Lewis is pressed to resign



image  An emergency CEO is considered for appointment at the criticized Bank of America Corporation. If the legal issues force Kenneth Lewis to resign before the end of the year the company plans to find a replacement.

BofA started working on its contingency plan before Lewis announced its retirement. Now the five-person board committee led by the bank’s chairman Walter Massey which was formed earlier this year to address the concerns raised by the regulators is leading the process. The committee plans to present its choice to the full bank board for approval with the regulators to be approached afterwards.

When needed the contingency plan would be halted.

As is known last week Bank of America arranged a special six-member committee to find a new CEO, after Lewis announced he would leave by year-end in the wake of criticism from prosecutors, politicians and some investors. The committed chaired by Massey is separate from the one that was formed last week.

ECJ




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