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Bank of America Corp. should pick an internal candidate to succeed chief executive Ken Lewis rather than an outsider with limited understanding of the biggest U.S. bank, former lead director Temple Sloan said.
Sloan favors Brian Moynihan, the bank's consumer banking head, or Barbara Desoer, head of home loans and insurance, because they excelled at the Charlotte-based company, he said in a phone interview. Moynihan joined Bank of America through its 2004 purchase of FleetBoston Financial Corp., while Desoer worked for BankAmerica Corp. when it was bought by NationsBank Corp. in 1998.
"I get tired of hearing we didn't have a succession plan," said Sloan, chairman of Raleigh-based General Parts Co., owner of the Carquest auto parts brand. "I had the list and we discussed it every month. There has always been a succession plan. You can't run a company the size of Bank of America without a plan."
Sloan, 70, was among nine Bank of America directors who left the board this year amid criticism over the acquisition of Merrill Lynch & Co. Federal officials pressed the bank for an overhaul following investor criticism of Lewis's decision to delay disclosing Merrill's mounting fourth-quarter losses and bonus payments until after the transaction was approved by shareholders.
A six-member committee led by chairman Walter Massey is considering candidates, with the board possibly making a decision by Nov. 26, spokesman Scott Silvestri said. The search includes candidates who want to live in New York, acknowledging the bank's biggest units are no longer based in Charlotte, people familiar with the matter said. The leading internal CEO candidates are chief risk officer Greg Curl, 61, who lives in Charlotte, and Moynihan, 50, who lives in Boston. Lewis in September named six inside candidates, including Desoer, 57, who has led the mortgage unit since the July 2008 purchase of Countrywide Financial Corp.
Sloan said he doesn't know who the board will select and he hasn't talked with new board members. "I didn't think it was appropriate," he said. Bloomberg News
Charlotte Chamber's event will feature Lewis
The Charlotte Chamber's annual economic luncheon next month will feature a departing bank chief for the second year in a row.
Bank of America Corp. chief executive Ken Lewis, who is stepping down at year's end, is scheduled to join Wells Fargo & Co. CEO John Stumpf, Duke Energy Corp. CEO Jim Rogers and Richmond Federal Reserve Bank president Jeffrey Lacker. Stumpf takes over the spot filled last year by Bob Steel, the Wachovia Corp. CEO who departed after selling the Charlotte bank to Wells.
The luncheon will be held Dec. 2 at the Charlotte Convention Center. The event is open to the chamber's board of advisor level members and above. Rick Rothacker
Bank of America exec Arrington Mixon retiring
Arrington Mixon, a Bank of America Corp. veteran who has held corporate and investment banking and risk management positions at the bank, is retiring after more than 20 years with the company, a spokeswoman confirmed. "We appreciate her many years of leadership and wish her the best," spokeswoman Eloise Hale said. Rick Rothacker
