New Chief Executive of BofA

Lewis said that as long as he’s in charge, the headquarters of BofA will be in Charlotte. But according to Walter Massey, Bank of America’s Chairman of the Board leader, “There may not be enough pool of candidates qualified and willing to move to Charlotte, which is 330 miles of Washington south.”

Five members of the board with ties to Charlotte stepped down for the past two years. Also, none of their replacements live in this city. New directors live in Virginia, Texas, Ohio, New York, Delaware, and Alabama. In fact Lewis is the only resident of North Carolina.

“It doesn’t reflect very well on the board to let the location of their headquarters limit the selection of CEO’s. Only a few people think that Charlotte is one of the major financial centers,” said Thomas Brown, the CEO of Second Curve Capital, a New York-based hedge fund.

Internal CEO candidates include Gregory Curl, Chief Risk Officer who lives in Charlotte and Brian Moynihan the consumer-banking chief who almost left when he was offered a new post in Delaware. Moynihan currently lives in Boston. Finally, Jerry Dubrowski, a bank spokesperson, said that they’re not going to speculate on the process.