BofA CEO Search Gets Messy

The thick fog that blanketed the upper floors of the Bank of America tower Tuesday was symbolic of the morass the bank’s search for a new CEO has become.

The initial deadline of Oct. 30 has come and gone, then another a week later, and two more after that.

After an embarrassing rejection by its leading choice, New York banker Bob Kelly, UNCC finance expert Tony Plath said the problem may lie with the board of directors rather than with the unwillingness of New York candidates to move to Charlotte.

“As long as the board is divided, it puts the CEO in a position where the CEO can’t be effective and can’t succeed,” Plath said.

There is a lot at stake for the city, as the next CEO will play a key role in deciding whether the bank’s headquarters remain in Charlotte.

Two Bank of America insiders, Chief Risk Officer Greg Curl and Consumer Banking President Brian Moynihan have resurfaced as candidates who could be named CEO quickly, but Plath said even that could be difficult.

“The issue is whether or not these people could be effective leaders when everyone realizes they were second-tier candidates, that they were a second choice for the job,” Plath said.