Erin Callan has been demoted from her position as Chief Financial Officer of Lehman Bros., according to reports on Wednesday.
Lehman Brothers Holdings Inc. (NYSE: LEH) announced that Callan, 44, and Joseph "Joe" Gregory, 56, the Chief Operating Officer and President, will be replaced.
Lehman Bros., the fourth-largest investment bank in the United States, said that Ian Lowitt, 44, the current chief administrative officer and co-chief accounting officer, will be the new CFO, while Herbert "Bart" McDade, 48, the global head of equities, will become the new COO, replacing Callan and Gregory, respectively.
McDade, who ran the fixed-income division for three years prior to leading the equities division, is considered by current and former Lehman executives to be a leading candidate to succeed Richard "Dick" Fuld as CEO. Under his tenure, equities has accounted for one-third of Lehman's revenue as Lehman became the largest trader of stocks on the London Stock Exchange and Euronext.
Callan, who had served as the firm's CFO since December 2007, will be rejoining the investment-banking division at Lehman in a senior capacity, according the company's report.
Prior to his current position, Gregory, who has been with Lehman since 1974, served as co-chief operating officer, chief administrative officer and was head of the firm's global equities division. He had been Chief Operating Officer since 2004.
In recent months, Lehman sold $130 billion in assets in order to reduce leverage and raised $6 billion to help survive the collapse of the mortgage market.
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