Management Turnover as Change Agent

Monday, August 25, 2008

More Rumors, More Pressure - Lehman's CEO, Richard Fuld, Remains at Risk

Colin Barr of Fortune reported today on the continuing rumors surrounding Lehman and now specifically Richard Fuld, Lehman's embattled CEO.  According to Barr,
The big Lehman Brothers (LEH) story Monday is that CEO Dick Fuld is on the ropes. The Observer (U.K.) newspaper, citing “well-placed sources within the bank,” reported over the weekend that Fuld faces a “planned coup” that will force him out by year-end. The paper said operating chief Bart McDade, installed in June as Fuld sought to restore faith in the firm after a big second-quarter loss took Wall Street by surprise, has taken over many of Fuld’s responsibilities.
There is nothing new here but so far, Fuld has not managed to find a way to defuse the crisis facing Lehman and it remains unlikely he can survive all that much longer.  The real question is, can Lehman?

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