Lehman's Fuld rejigs top deck, again
Lehman Brothers CEO Richard Fuld shuffled the top ranks of his firm for the third time in four months as he negotiates with outside investors to shore up capital and sell mortgage assets.
By ET Bureau |
NEW YORK: Lehman Brothers chief executive officer Richard Fuld shuffled the top ranks of his firm for the third time in four months as he negotiates with outside investors to shore up capital and sell mortgage assets.
Jeremy M Isaacs, the head of Lehman���s international operations, and Andrew Morton, the fixed-income chief, are leaving, Lehman said in a statement on Sunday. Fuld in June replaced his associate of 30 years, Joseph Gregory, naming Bart McDade the new president as the firm was racking up a $2.8 billion second-quarter loss from the collapse of the mortgage market.
Isaacs, 44, who will be retiring at the end of the year and serve a non-executive role until then, is leaving because he was passed over for the president���s job in June, sources said. They declined to be named because deliberations about executive promotions aren���t made public.
Isaacs and Roger Nagioff, the former fixed-income chief who left Lehman in February, were the European-based executives competing with McDade for the president���s job, according to three of the people familiar with the situation.
Lehman named Eric Felder and Hyung Soon Lee as global co- heads of fixed income, replacing Morton. Riccardo Banchetti and Christian Meissner became co-chief executive officers of Europe and the Middle East. Benoit Savoret, chief operating officer of Europe and the Middle East since May 2007, is also leaving, the firm said on Sunday.
Meanwhile, Washington Mutual ousted Kerry Killinger as chief executive and has been put under special regulatory supervision, following skyrocketing losses from mortgages that are expected to weigh on results for years. Alan Fishman, chairman of Meridian Capital Group, was named to replace Killinger.
Jeremy M Isaacs, the head of Lehman���s international operations, and Andrew Morton, the fixed-income chief, are leaving, Lehman said in a statement on Sunday. Fuld in June replaced his associate of 30 years, Joseph Gregory, naming Bart McDade the new president as the firm was racking up a $2.8 billion second-quarter loss from the collapse of the mortgage market.
Isaacs, 44, who will be retiring at the end of the year and serve a non-executive role until then, is leaving because he was passed over for the president���s job in June, sources said. They declined to be named because deliberations about executive promotions aren���t made public.
Isaacs and Roger Nagioff, the former fixed-income chief who left Lehman in February, were the European-based executives competing with McDade for the president���s job, according to three of the people familiar with the situation.
Lehman named Eric Felder and Hyung Soon Lee as global co- heads of fixed income, replacing Morton. Riccardo Banchetti and Christian Meissner became co-chief executive officers of Europe and the Middle East. Benoit Savoret, chief operating officer of Europe and the Middle East since May 2007, is also leaving, the firm said on Sunday.
Meanwhile, Washington Mutual ousted Kerry Killinger as chief executive and has been put under special regulatory supervision, following skyrocketing losses from mortgages that are expected to weigh on results for years. Alan Fishman, chairman of Meridian Capital Group, was named to replace Killinger.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
