Bank of America Corp. (NYSE:BAC) activist investor Jonathan Finger of Finger Interests Number One Ltd. spoke to The Deal on the phone Thursday about CEO
Ken Lewis' decision to retire and who he hopes the board will choose to take the reins in the new year.
"I think this is positive for shareholders," said Finger, who has been
calling for Lewis' departure for months and has been especially critical of the price Lewis paid for the Merrill Lynch & Co. acquisition. "There is clearly a need for a corporate change, and shareholders deserve a chief executive that is focused on the company and not lawsuits."
There is a lot of
speculation about who is qualified to replace Lewis. Finger told The Deal he views the following as qualified candidates: former BofA CFO Al de Molina, who is currently the CEO of GMAC Financial Corp.; Bill Winters, who is leaving J.P. Morgan Chase & Co. (NYSE:JPM); and Sallie Krawcheck, head of global wealth and investment management at BofA.
Finger says that it would be advantageous to hire someone with a strong background in investment banking and operations and believes all three candidates would be qualified to lead the bank.
Finger says:
"I would hope they [the board] go outside of the company. Internally, I think Krawcheck is the best candidate. I think it is important to have someone that is clear of all of the allegations involved with the Merrill Lynch deal. She also has a very strong reputation. I think we need someone with integrity."
The board's biggest challenge will likely be "issues about keeping the company in Charlotte," Finger said. - Maria Woehr
Continue reading below
Amazing, who is in charge of this pipeline of telent... first not a person of color in site... not even an Asian in the age of huge East Asian growth in Investment Banking. Do you know how many Black people places like Harvard, Stanford, Berkeley and the Ivy Leagues have graduated over the years. And, we all know MBA's don't add up to anything you don't give them. With the acquisition of Merrill you would think there would be a diverse pool to select from with amazing backgrounds and experience. As well, you are not running a church... cut the integrity hypocrisy, it is obvious. The Board is as responsible as Ken Lewis. What makes him so bad...he played the game and made a killing--get real.