Congratulations to Brian Moynihan, who will replace Ken Lewis as CEO of Bank of America on January 1st. BAC was unsuccessful in hiring a “star industry executive” for the top job because of pay restrictions imposed by the U.S. government.
The move draws to a close what is probably the executive search from hell. They needed to find someone to end the drama so that the bank can get back to regular business, but at the same time I am surprised by their choice. You will have a young and untested CEO running a major commercial bank in the U.S.
Quotation from Tony Plath, UNC/Charlotte
What you have is a payoff when there’s poor performance. But that’s the nature of contracts. There’s such a tremendous risk these days with being a CEO of a major corporation.
Quotation from Charles Peck
[It's surreal, however, when taxpayer monies are needed to complete the contract. Best Wishes, Mr. Moynihan ~Sera]
