Can this really be a surprise? With all of the abuse that CEOs at banks that are still beholding to Uncle Sam have received (getting raked over congressional coals, earning non-competitive pay, etc.), what sane superstar CEO type would want the headaches of being at the helm of B of A? So of course the pool of candidates will be small. Very small. It’s a case of adverse selection. According to Bloomberg:
Bank of America Corp.’s search for a new CEO has slowed as directors sift through outside candidates that are in short supply, according to people familiar with the process.
A board committee at the Charlotte, N.C., company had hoped to pick a successor to retiring Chief Executive Kenneth D. Lewis in time for the full board to vote on the choice at its regularly scheduled meeting Wednesday. But committee members have indicated that they need more time, said people close to the directors……
Bank of America Bumps Into Hurdles in CEO Hunt – Bloomberg
Tags: Bank of America, Compensation, Revolving Door, TARP
