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June 12, 2008

Lehman Brothers ousts chief financial and operating officers

by Gill Montia

Story link: Lehman Brothers ousts chief financial and operating officers

Wall Street investment bank, Lehman Brothers, has replaced its chief financial officer and chief operating officer.

Erin Callan and Joseph Gregory, both long-term employees with the bank, left their posts without notice.

Ian Lowitt, the bank’s chief administration officer, has replaced Ms Callan and Bart McDade, head of equities, has taken the role of chief operating officer.

Ms Callan’s position become untenable earlier this week when the bank forecast a $2.8 billion loss in the second quarter and announced plans to raise $6 billion by issuing new shares.

Confidence in the bank has been waning since early June when it refuted suggestions that it had accessed emergency funds from the US Federal Reserve.

However, rumours about its liquidity continued, heightening fears that it could follow Bear Stearns into a collapse and a fire sale.

It is understood that Ms Callan will continue to work for Lehman Brothers, in its investment banking division.

She held the post of chief financial officer for only a few months, having been promoted in late 2007.


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