Bank of America Corp’s CEO Kenneth Lewis, who is scheduled to retire at the end of current year, could postpone his retirement.
People familiar with the issue said that lender’s board members might delay Mr. Lewis’ retirement if they could not find a new, permanent chief executive for the bank.
Speaking his mind, Richard Bove, an analyst at Rochdale Securities, said, “Convincing him to return would be the biggest morale builder that management could get.”
It was informed that Bank of America has been considering two internal executives- Brian Moynihan, the chief of consumer & small-business banking and Chief Risk Officer Gregory Curl, while other two candidates being considered by the board are outsiders.
Bank of America has short time to find such a successor to Mr. Lewis, who is acceptable to regulators and whose pay would be low enough to win pay czar’s approval.