BoA loses external candidate
(17 December 2009 – USA) The Bank of America’s decision of who the bank’s next chief executive officer just got easier, after the top external candidate withdrew.
Robert Kelly, currently the chairman and chief executive officer at Bank of New York Mellon Corp, was reported by Bloomberg to have dropped out, because concluding directors were divided between whether to choose an internal or external candidate.
It was rumoured that negotiations with Mr Kelly broke down during discussions about compensation, according to people close to the Charlotte, North Carolina-based bank.
The Wall Street Journal also cited people familiar with the matter as saying he had sought US$20 million (A$22 million) and the chairman’s title, but the bank’s spokesman Jim Mahoney declined to comment.
An unnamed person, due to the talks being private, said that Mr Kelly’s decision to withdraw himself as a contender has officially left the bank without any outside candidates.
The anonymous person also said that Mr Kelly questioned the bank’s decision in April to separate the chairman and CEO roles.
In the running to replace the chief executive officer, Kenneth D. Lewis, from within the organisation is the chief risk officer, Gregory Curl, and the head of consumer banking, Brian Moynihan.
It was rumoured that negotiations with Mr Kelly broke down during discussions about compensation, according to people close to the Charlotte, North Carolina-based bank.
The Wall Street Journal also cited people familiar with the matter as saying he had sought US$20 million (A$22 million) and the chairman’s title, but the bank’s spokesman Jim Mahoney declined to comment.
An unnamed person, due to the talks being private, said that Mr Kelly’s decision to withdraw himself as a contender has officially left the bank without any outside candidates.
The anonymous person also said that Mr Kelly questioned the bank’s decision in April to separate the chairman and CEO roles.
In the running to replace the chief executive officer, Kenneth D. Lewis, from within the organisation is the chief risk officer, Gregory Curl, and the head of consumer banking, Brian Moynihan.
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