BofA Narrows List of CEO Candidates Down to Two

By Oct 7, 2009, 10:14 AM Author's Blog  

Bank of America (NYSE:BAC) directors have narrowed the short list of internal candidates to succeed CEO Ken Lewis down to two, the WSJ reported Tuesday, citing people familiar with the situation.

The inside candidates are Chief Risk Officer Greg Curl, a 31-year veteran and the bank’s key deal-maker for years, and Brian Moynihan, whose stock as a candidate has risen in recent months. Moynihan – named head of consumer and small-business banking over a month ago, has been viewed for some time as a leading candidate to succeed Ken Lewis, who announced last week that he intends to retire at the end of the year.

If the 61-year-old Curl was named CEO, he likely would keep the job for no more than 24 months, the Journal reports. Moynihan, 49, likely would be a longer-term choice.

The board search committee – formed last week after Lewis’ announcement – is still considering external candidates and the process remains fluid since other names could come up as potential CEOs. Among financial-services executives not at Bank of America, those discussed by the board include Gregory Fleming, former president and COO of Merrill Lynch and now a senior research scholar and lecturer at Yale Law School, the Journal said.

The search committee is expected to meet for the first time later this week, followed by a meeting of the full board Friday.

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