Kenneth Lewis, Chief Executive of Bank of American Corp., is considering postponing his retirement if company heads need additional time to appoint a successor or to aid in the transition to a new head.
Mr. Lewis had plans to begin his retirement on Dec. 31 but has considered extending his run as C.E.O. as the company struggles to find a replacement. Media outlets have been referring to the position as “The Worst Job on Wall Street,” as the bank continues to struggle to recover.
Such press has made it difficult for the bank to find someone up for the challenge despite the consideration of a number of internal and external candidates. At the moment there is something of a sitting duck period at work with the bank under no solid leadership. This is a dangerous time for a bank to be lacking in direction.
Lewis has no plans to continue in his position for an extended period of time, only offering himself as a “bridge” until someone with the proper leadership skills and vision is found, according to sources close to the 62-year-old.
Interviews of inside and outside candidates have been completed and the pool has been narrowed to two unnanounced outsiders and two Bank of America executives, Chief Risk Officer Gregory Curl and banking chief Brian Moynihan.
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