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By now, the news that Ken Lewis will be stepping down as CEO of Bank of America at the final of the year has been probed and critiqued in just about every corner with the business put. By my count, the sentiment is able to running strongly in favor of the move, as Mr. I cannot begin to gauge the job he's done at B of An actual. but I did realize it is incredibly curious that an expert of this size apparently didn't possess a succession plan in position for just this scenario. It's not although Mr. Lewis hasn't been under fire for at least the last 2 years - dating back to the Countrywide acquisition and the fated pick-up of Merrill Lynch all of the fall of 2008.
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I'm not alone, decide to. In most of the same articles that dissected Mr. Lewis' contributions and/or failings, issue of who would replace him was getting equal invoicing. Ah yeah - this just in. with companies of this size, it's kind of important someone in order to take over if something happens to the top leader. . In April, 2004, Jim Cantalupo died unexpectedly and was replaced within orderly manner six hours later. A couple weeks after that, the replacement CEO, Charlie Bell, was diagnosed with cancer, and also the board again was capable of making an orderly replacement. That's textbook, did not take long was obviously the response of a lot of planning by McDonald's Board of Directors.
Whether Mr. Lewis just wielded too much power, vehicle truly lacks any senior talent effective running the company, and even the Board was running woefully behind in their succession planning process, the ship is getting ready to run aground while they get this figured out.
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