Top Changes at Lehman’s after Huge Losses
Lehman Brothers Holdings has demoted its chief financial officer, Erin Callan, and chief operating officer, Joseph Gregory.The company said Herbert "Bart" McDade will take over as president and COO and Ian Lowitt will succeed Callan in the CFO position. Callan and Gregory are expected to stay with the company in different capacities.
The news comes days after Lehman announced a nearly $3 billion quarterly loss.
The investment bank has been under fire from its weak earnings performance and speculation that it will need to raise billions in capital to stay afloat, and has seen its shares under intense pressure.
Callan in particular has been criticized lately for the company's performance and for not grasping the depth of Lehman's problems.
Published on June 12, 2008
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