wonder how the market will react to this today… “Lehman Brothers removes finance, operating chiefs Thursday, June 12, 2008 9:06 AM (AP) Lehman Brothers removes finance, operating chiefs NEW YORK Lehman Brothers says Chief Financial Officer Erin Callan and Chief Operating Officer Joseph Gregory have been removed from their positions, days after the investment bank announced a $3 billion quarterly loss. The company says the changes are effective immediately. Callan will remain with Lehman in its investment banking division, but it was unclear if Gregory will retain a position. Herbert McDade will succeed Gregory, and Ian Lowitt will take over for Callan. Callan has been CFO last September. She has been under pressure after Lehman was forced to raise $6 billion in new capital. Lehman shares are down about $1 in premarket trading.” From Dick Fuld: “Bart McDade has worked in three of our divisions. He served as global head of the Equities Division since June 2005. Before that, he served as global head of the Fixed Income Division from 2002 to 2005 and as co-head of the Fixed Income Division from 2000 to 2002. Prior to that, he was global head of Debt Capital Markets and a member of the Investment Banking Division’s Group Head Committee. Bart presently serves on the board of directors as well as the executive committee of the Securities Industry and Financial Markets Association (SIFMA) and was Chairman of the Bond Market Association. Erin Callan, our current Chief Financial Officer, will also be stepping down from her role and will be re-joining the Investment Banking Division in a senior capacity. Ian Lowitt, our Co-CAO since October 2006, will succeed Erin as CFO and will also join the Firm’s Executive Committee. Finance already reports to Ian in his capacity as Co-CAO, and he is already well-known to many of our debt and equity investors, analysts and rating agencies. During his 14 years with the Firm, Ian has held a number of senior management roles, including CAO of Lehman Brothers Europe, global Treasurer and global head of Tax, and head of Strategy and Corporate Development. Ian joined the Firm from McKinsey & Company. He currently serves on the board of The Depository Trust & Clearing Corporation.”
So long “Legs” Callan…
Eddie Deezen Wrote: ------------------------------------------------------- > So long “Legs” Callan… I haven’t seen her before. Is she hot?
stock getting killed in pre market trading…its going to be a wild ride…damnnnn… FED to the rescue…NO BSC FIASCO AGAIN
Yeah I mean sackign the CFO and COO at this stage is just prudent management on the part of the CEO. We’ll probably see a few more high level turfings at LEH and a few other firms as this story drags on. Apparently, a high number of PRIME mortgages are now starting to miss payment. Contagion. Willy
Callan is hot
Einhorn wins again. Lehman collapsing. Man what a bunch of clowns. Hooocudanoh’d?
good body
seems like next Enron
CFO on the conference call yesterday was just completely hung out to try. what a setup.