Bank of America’s board is forming a nominating committee today in the wake of Kenneth D. Lewis’ sudden resignation, reports Bloomberg. The board may name a short-term CEO or consider six internal candidates. Sallie Krawcheck, head of wealth management and CRO Gregory Curl are possible choices. According to The New York Times, the overall search is expected to take two weeks. “It is not only the choice of who is going to be the captain, but also what direction the ship needs to sail,” said Rakesh Khurana, a leadership and corporate governance professor at Harvard Business School. Lewis intends to leave on December 31 and did not “groom an heir.” His resignation comes after he refused to consider a possible successor from a list of deputies selected by the board. His refusal led the board to believe he planned to stay. The board is hastening its search and plans to hire an executive search firm to review outside prospects. “Ken Lewis had a very clear leadership style—it was his way or the highway,” said Meredith A. Whitney, a prominent banking analyst. “Now you have a weak, undefined and to-be-determined leadership operation.”
BofA Scrambles to Plan Post-Lewis Strategy
Bank of America’s board is actively searching possible successors following Kenneth D. Lewis’ abrupt resignation.
October 2, 2009