Bank of America ready to name replacement for Ken Lewis?

Bank of America's board is meeting to discuss potential replacements for CEO Ken Lewis who has said he plans to leave by the end of the year.
DEC 17, 2009
Bank of America's board is meeting Tuesday to discuss potential replacements for CEO Ken Lewis who has said he plans to leave by the end of the year. It is unclear whether the board, which is meeting in Charlotte, N.C., has a specific candidate in mind or if any announcement will come following the meeting. Bank of America spokesman Scott Silvestri said Tuesday a decision will be made "in the near future." Bank of America has been searching for a new CEO since it announced in late September that Lewis planned to retire Dec. 31. Lewis is leaving amid controversy surrounding the bank's purchase of Merrill Lynch earlier this year. Shareholders stripped him of his chairman title in April and top executives have since left under his tenure. Last week, the bank announced plans to repay its $45 billion government bailout. The move would free the bank from the government restrictions that hampered its search for a new CEO, including executive pay limitations. The board is continuing to consider external candidates, the bank said. Two internal candidates, Chief Risk Officer Gregory Curl and Brian Moynihan, the head of consumer banking, are also being considered by the bank as Lewis' replacements. However, both men have been criticized by analysts as lacking experience or being too close to the Merrill deal. Curl, who helped negotiate the bank's $45 billion Troubled Asset Relief Program aid repayment, is also under scrutiny by New York attorney general Andrew Cuomo's office in connection with the probe of the bank's deal for Merrill Lynch, according to a report Tuesday in The New York Times. Earlier this year Curl testified with Cuomo's office regarding the deal. "We are confident in the consistency and truthfulness of the Bank of America testimony throughout the investigation," Bank of America spokesman Larry Di Rita said.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.