I subscribe to the theory that the thickness of the ice upon which embattled CEO's stand is inversely proportional to the amount of praise that the board of directors heaps on them. If that theory is correct, then Ken Lewis is a goner.
From the WSJ Deal Journal:
The day before Lewis headed to Capitol Hill, Bofa posted a Q&A on its internal company website with new chairman Walter E. Massey, who went out of his way to make it clear the Lewis’ job was safe:
“I have enjoyed working with Ken for many years, and I look forward to continuing that work……What we share is an insistence on high standards, the right values, professionalism and results. Sharing those priorities makes the relationship easy.”
Massey mentioned several times that “Ken and I” share similar visions and beliefs about Bofa ‘s future. Massey was appointed BofA’s new chairman after shareholders stripped Lewis of his chairman duties, while retaining Lewis as CEO.
Massey also reiterated his support for Lewis in an interview with WSJ’s Dan Fitzpatrick last Friday. Lewis “has the board’s full support and mine personally” and “I don’t see anyone who could be doing a better job of leading this organization at this time,” Massey said.