Alvaro de Molina not going to head Bank of America

When Bank of America CEO Ken Lewis stepped down, a whole bunch of names cropped up as possible successors. One was Alvaro de Molina, who spent 17 years at the bank before moving to head up GMAC Financial Services.

Unfortunately, it has not turned out well. The GMAC board announced this week that de Molina had resigned after less than two years as CEO, a surprise move that reflects the uncertainty surrounding the auto lender. It remains in line for a third round of taxpayer bailout funds.

My sense is that de Molina's woes at the lender took him off of the Bank of America board's short list, if he was ever on it at all. Just for good measure, TheStreet.com opines, "if Bank of America is smart, it will institute a no return policy. I know that may seem harsh--and generally, I think there can be value in employees who leave and come back with new experience and perspective--but de Molina would be returning as damaged goods." 

The clock continues to tick for the search committee. Some think Greg Curl, chief risk officer, now has the pole position. 

For more:
- here's the article
- here's some background

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