It’s official, Ken Lewis, Bank of America’s embattled CEO announced his planned resignation for the end of the year. Lewis in a letter to Bank of America employees explained his reasons for resigning. The letter included in the WSJ’s Deal Journal stated that Lewis’ decision to resign was his alone and that he was not pressured to do so. Whatever the reason, his planned exit is the end of a sad chapter at the bank and hopefully the beginning of a new era for the bank, an unlikely scenario at this point.

The important issue now is for the board to find a new CEO who can help to restore confidence in the bank and its future.

This entry was posted on Wednesday, September 30th, 2009 at 11:38 pm and is filed under Liberum Management Change. You can follow any responses to this entry through the RSS 2.0 feed.