One danger for the board of Bank of America (BAC) is that in an effort to find the perfect candidate to be CEO, but not chairman, it ends up taking too much time. The likelihood of that happening is unclear, though one report says the board wants to hire a new CEO quickly. However, there were also some indications that the board was open to the idea of an interim CEO, which would be tricky. 

The problem with dithering at this junction is that there are pressing issues that affect the bank's competitiveness that require immediate attention. For example, the bank has just authorized a dividend payment of $713 million payable in November. It has paid nearly $2 billion already. This is a tough recurring hit, and it highlights the need to pay back TARP funds. That demands immediate attention. Now here's a thought: Is Ken Lewis planning to make TARP repayment his swan song--an act that will send him out on a high? He has until the end of the year, but is that enough time? 

For more:
- here's an AP article about the dividend

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