A restructuring expert overseeing the liquidation of Lehman Brothers will replace Richard Fuld as chief executive on Dec. 31, Lehman lawyer Harvey Miller
said Thursday.
Chief Restructuring Officer Bryan Marsal of Alvarez & Marsal has been overseeing the wind-down of what was once the nation's fourth-largest investment bank. Lehman will also hire David Goldfarb, a former Lehman chief strategy officer, to help with the wind-down. It will pay him $500,000 for six months of work with the possibility of a $500,000 bonus.
My Response: There's a new Sheriff in town! Lehman has a new CEO and is waiting no time to put this action in effect. Bryan Marshal will be the new CEO of Lehman... I wonder how that will make a different in their decline. How do you go from the longest serving CEO, to the new kid on the block?
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