Well it's finally happened. Richard Fuld, the CEO of bankrupt Lehman Brothers Holdings Inc., will be stepping down by the end of the year after all, but will remain as nonexecutive chairman of the defunct investment bank.
According to
Reuters, he won't be receiving a bonus or severance, but he
will collect compensation.
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Last year he received $22 million and
$34.4 million with bonus. Even after he leaves,
Fuld will continue as nonmanagement chairman of the board, Lehman spokesman Jonathan Doorley told Reuters (not exactly "Saturday Night Live"'s
Fuld in a barrel).
Fuld did offer to resign after the sale of Lehman's U.S. asset sale to Barclays plc in September, but restructuring firm Alvarez & Marsal woundn't have it and kept him on to help smooth the transition over to Barclays.
Since Lehman's bankruptcy filing, Fuld has become a regular punching bag on Wall Street, and both on and off of the street Fuld's failure was
played out by politicians,
the media, and fellow bankers and executives to illustrate what is wrong with the way Wall Street operates. Fuld was openly criticized at an Oct. 6 hearing by
Henry
Waxman, chairman of the House Committee on Oversight and
Government Reform, for taking excessive pay, which was estimated at $484.8 million since 2000. He is also being
investigated long with 12 other individuals by three federal criminal probes focusing on Lehman Brothers.
Fuld, 62, has been with the firm since its 1994 spinoff from
American Express Co. -
Maria Woehr
