Posted by: Bill von Achen | October 4, 2009

Succession Planning at BofA

Yesterday’s New York Times (Saturday, 3 October 2009) contained an interesting article by Times‘ columnist Joseph Nocera on the perils awaiting those companies without a clear leadership succession plan.

Nocera’s article was ostensibly about Kenneth Lewis, the head of Bank of America, who last week announced his decision to step down from the bank before year’s end.  Nocera focuses on questions of Lewis’ competence as the leader of one of the countries largest banking institutions, and notes that BofA will now have to scramble to find Lewis’ replacement, since there is no clear heir apparent. 

For Nocera, Lewis’ failure (or perhaps unwillingness) to groom a successor is a clear example of his failed leadership.  He contrasts Lewis’ lack of action with Jamie Dimon, J.P. Morgan’s chief, who is 8 years younger than Lewis, but who has already made succession planning his key priority. 

You can view the complete text of the article on Ken Lewis and Bank of America at http://www.nytimes.com/2009/10/03/business/03nocera.html?ref=todayspaper


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