Lehman Cleans House (LEH)
If you thought things couldn’t get weirder in the brokerage firm stocks, guess again. Lehman Brothers Holdings Inc (NYSE: LEH) has essentially fired its CFO Erin Callan and its COO Joseph Gregory. Technically Callan is going to another department, although…
If you thought things couldn’t get weirder in the brokerage firm stocks, guess again. Lehman Brothers Holdings Inc (NYSE: LEH) has essentially fired its CFO Erin Callan and its COO Joseph Gregory. Technically Callan is going to another department, although it doesn’t take a rocket scientist to figure this out.
This report comes within 72-hours of its $2.8 billion quarterly loss expectations and after a large financing.
Ian Lowitt, the current chief administrative officer, will become CFO; and Bart McDade, global head of equities, will become the COO of Lehman.
This isn’t the way to instill confidence in Wall Street. Shares are down over 8% at $21.75 right at the open and we’ve already seen over 17 million shares.
Jon C. Ogg
June 12, 2008
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
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McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.