Bank of America CEO search flagging?

It's fair to say the search for the next CEO of Bank of America is not going well. The latest news is that the hardly shy Finger Investments--run by the Finger family of Houston, which has never hesitated to criticize a bank--has denounced its efforts to find an external candidate, reports TheStreet.com.

In an SEC filing, the investment group says it has "been able to confirm that the board has not even contacted or made serious inquiries much less offers to the most qualified and obvious candidates favored by institutional shareholders." This follows lots of press about how the board has indeed been stymied by a lack of qualified external candidates.

Few would be surprised if the board had lots of trouble finding someone external who could actually make the bank work. The board, by letting all this be known, is not doing the internal candidates any favors, we've suggested before. If they are hired, they may seem like second, third or fourth choices. The news that a new CEO may be based in New York suggests the candidates are bargaining for strength. The clock is certainly ticking on this. 

For more:
- here's the article

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