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Bank of America Corp. expanded to include the search for CEO candidates who want to live in New York, confirmed the bank's largest division is no longer centered in his home in Charlotte, North Carolina, those familiar with word problems.
The board, led by Chairman Walter Massey, is also concerned there may not be a deep enough pool of qualified candidates willing to move to Charlotte, 330 miles south of Washington, the people said, speaking anonymously because the search is private. CEO Kenneth Lewis, who is stepping down at year’s end, has said Charlotte will remain headquarters as long as he’s in charge.
The board, led by Chairman Walter Massey, is also concerned there may not be a deep enough pool of qualified candidates willing to move to Charlotte, 330 miles south of Washington, the people said, speaking anonymously because the search is private. CEO Kenneth Lewis, who is stepping down at year’s end, has said Charlotte will remain headquarters as long as he’s in charge.
"This reflects well on the board, leaving the center position to restrict the choice of president and CEO," says Thomas Brown, chief executive of the New York-based hedge fund Second Curve Capital. "There are too many people around the world who believe that Charlotte is one of the most important financial center." "We're not going to comment on the speculation on the process," bank spokesman Jerry Dubrowski said.
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