Bank of America Corp (NYSE: BAC) May Extend Search for New CEO

Rochester, New York 11/23/2009 08:55 PM GMT (TransWorldNews)

Bank of America Corp (NYSE: BAC) directors are finding it difficult to meet a Thanksgiving deadline, according to media reports.

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Outgoing CEO Kenneth Lewis may postpone his upcoming retirement on Dec. 31 in order to give the board more time to choose a successor, The Wall Street Journal reported Friday, citing an unnamed source. Another option might be naming an interim chief, according to a report Sunday from Bloomberg News, which said the Bank of America board is considering an extension of the CEO search into 2010. The directors, who met Nov. 20, are apparently open to the possibility of extending the search past their Nov. 26 deadline, the report said, citing unnamed sources. The Bank of America (NYSE: BAC) board has narrowed its top choices to two internal executives -- Brian Moynihan, consumer and small-business banking chief; and Gregory Curl, chief risk officer -- and at least two outsiders, the Journal reported. Meanwhile, Bloomberg News reported that at least four external candidates, including Citigroup Inc. director Michael O'Neill, have rebuffed the bank's approaches.

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