The Wall Street Journal’s Deal Journal blog has provided lively coverage of the leadership vacuum at Bank of America, as well as colourful background to the bank’s shotgun marriage to Merrill Lynch.
On Tuesday, the blog reported on the Finger family — which owns about 1m shares in the bank — and its meddling with BofAML’s search for a chief executive to succeed Ken Lewis.
In what Deal Journal described as a “rambling, unusual filing with the SEC”, the family questioned whether two of the candidates for the job, Brian Moynihan and George Curl, have “demonstrated the leadership qualities need [sic] to rebuild Bank of America.”
As Deal Journal reported:
“We believe the search for a successor CEO is cosmetic, at best. We have been able to confirm that the board has not even contacted or made serious inquiries much less offers to the most qualified and obvious candidates favored by institutional shareholders,” the Finger Interests Number One Ltd. said in the filing.
Urging the board to “fight the long time Charlotte influences” on the bank, the Houston-based Fingers put forth 18 external candidates that it wants the BofA board to consider. The list includes a wide range of bankers from current GMAC chief Al de Molina and soon-to-be retiring Morgan Stanley CEO John Mack.
The Fingers point out the pros of each candidate (“a proven entrepreneur,” for example) and some unusual cons, like one candidate’s first name.
Deal Journal has the full list of 18 external candidates — which includes Morgan Stanley’s John Mack — as well as their arguments for and against each. We quite liked this one:
17.Gerald J. Ford – Chairman and formerly CEO of First Acceptance Corporation (NYSE:FAC). Former Chairman and CEO of Golden State Bancorp, San Francisco. Sold to Citicorp in 2002 for $6 BN. Well known entrepreneur and banking turnaround specialist who specialized in buying distressed and rural banks. Age 65.
Pros: A proven entrepreneur that has made a personal fortune in banking turnarounds.
Cons: Recent results at FAC. An admitted longshot.
Related links:
BofA dissidents attack insider candidates for chief executive – FT
BNY Mellon CEO Kelly Tells BofA: No, Thanks – WSJ
Lewis to go without pay or bonus for 2009 – FT