Management Turnover as Change Agent

Monday, January 7, 2008

Add Another CEO Notch to Sub-Prime Crisis

According to a late Monday story from Kate Kelley of The Wall Street Journal,
James Cayne, the chairman and chief executive of Bear Stearns Cos., under fire from shareholders after the Wall Street firm was badly burned by the downturn in the mortgage market, is stepping down as CEO, say people familiar with the matter.
Nothing all that surprising when one considers Cayne's reputation as a hands-off executive who even during the height of the sub-prime crisis remained aloof while Bear Stearn's possible survival had been at stake. According to the Journal, Cayne will remain Chairman. Speculation continues that Alan Schwartz, Bear Stearns' president will take Cayne's place as CEO.

Stay tuned.

For more:

Market Watch
Financial Times
CNN Money

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