Bank of America forms CEO search committee

Oct. 2, 2009 at 2:15 PM
| License Photo

CHARLOTTE, N.C., Oct. 2 (UPI) -- U.S. financial giant Bank of America said it formed a search committee to find a replacement for beleaguered Chief Executive Officer Kenneth Lewis.

Lewis announced he would retire Dec. 31, at the end of what turned out to be a year of controversy that began with the purchase of struggling Merrill Lynch.

Months later, a federal judge in New York refused to sign off on a $33 million settlement Bank of America agreed to pay, while admitting no wrongdoing, for allegedly keeping secrets from its shareholders about the extent of Merrill Lynch's losses and a deal to pay Merrill Lynch employees billions in bonus checks despite those losses.

The search committee is composed of six people. The Wall Street Journal reported three of the six -- Charles Gifford, Thomas May and Thomas Ryan -- are close to Brian Moynihan, the head of the bank's consumer businesses and a leading candidate to replace Lewis.

Related UPI Stories
Latest Headlines
Trending Stories
Ted Cruz campaign pulls ad featuring softcore porn actress
Report: Clinton Foundation subpoenaed by State Dept. watchdog over charity projects
Ruby Rose, Gigi Hadid react to Kanye West's lyric about Taylor Swift
Kristen Wiig impersonates Peyton Manning on 'The Tonight Show'
NYC police officer found guilty of manslaughter in Brooklyn stairway shooting