The search for a new CEO at Bank of America Corp. continues with no clear end in sight. Initially, the board promised a decision by October. Then came and went Thanksgiving—still, no appointment. Now, the timeline has shifted again, with “first quarter 2010” being the new target. According to The Wall Street Journal, the board is meeting today, but no announcement is expected. So, what’s the holdup? Decking the halls, perhaps?
Speculation Fills the Void
With no real news, speculation has taken center stage. Rumors abound—potential candidates turning down the job, and theories that BofA repaid TARP funds just to make the role more attractive. Let’s call it what it is: nonsense.
At this level, the right candidate isn’t making their decision based solely on a paycheck. If they are, they’re not right for the role.
Managers accept jobs for the money. True leaders take on challenges—often driven by ego, vision, or legacy—and then consider the compensation. For anyone in line for the top job at the country’s largest bank, we assume they’re not sweating the next payday. Sure, assumptions have been wrong before (especially during the Great Recession), but this one generally holds true.
What BofA Really Needs in a CEO
As the board continues to deliberate, it’s worth revisiting the kind of leader BofA actually needs—because the basics seem to have been forgotten.
1. A Proven Leader, Not Just a Manager
The next CEO must have the presence, experience, and authority to navigate the complex web of stakeholders: government regulators, administration officials, investors, and former owners (sometimes one and the same).
If the board is still considering an internal candidate, they might want to remember the old baseball adage: “Belly itchers aren’t relief pitchers.” A strong internal manager doesn’t automatically translate to an effective CEO.
Need proof? Even The Wall Street Journal’s “Intelligent Investor” noted that the impact of a new CEO on company performance is minimal—often little more than a coin flip. But in a company like BofA, it’s not about quick wins. It’s about long-term course correction.
2. A Visionary Who Can Build Consensus
The previous CEO, Ken Lewis, operated under an outdated command-and-control model—a leadership style that no longer works in this fast-changing financial climate. Ironically, this is the same school GM’s Ed Whitacre came from.
What BofA needs now is a forward-thinker: someone who can gather and guide the human and financial capital needed to steer the bank into a completely new operating environment. That requires trust and confidence—two things the board hasn’t exactly been cultivating during this lengthy transition.
3. Character That’s More Than Cosmetic
It may sound cliché, but character counts. And in BofA’s case, it should be a non-negotiable.
Stephen Covey, in The 8th Habit, points out that 90% of leadership failures are due to character flaws—ethical breakdowns, compromised values, and poor judgment. After the controversies surrounding the last CEO, the next leader must be both ethically sound and politically savvy. Yes, those two qualities can coexist—and in this role, they must.
Time to Decide
The longer this search drags on, the more confidence erodes—not just inside the bank, but across Wall Street and beyond. It’s time for the board to stop dithering and start leading.
We await word—hopefully soon—from the Chairman or the search firm.
Tick-tock, BofA. Tick-tock.
Appearing on Meet the Press alongside New York Mayor Michael Bloomberg and political figure Newt Gingrich, Patrick offered a sobering summary of the first decade of the 2000s. He dubbed it the “decade of self-deception”—a time marked by delayed responsibility and short-term fixes: Y2K panic, post-9/11 terrorism threats, wars fought on the cheap, and the Wall Street and housing market collapses.
According to Patrick, the next ten years must be different. He called on society to face its “intractable problems” head-on. It was a moment of truth with deep implications—one unlikely to be replayed in the typical year-end media montages.
Beyond the Soundbite: A Deeper Crisis
Patrick’s comment hints at a deeper, more troubling issue—one that extends far beyond politics: the erosion of trust in leadership.
Across the board, elites have become disconnected from the people they serve. They believe their own narratives. Real connection with the public? Fleeting. Trust and credibility? Discarded. Innovation? Talked about endlessly but rarely implemented.
Even with a supposedly transformational president in office, government still looks and operates the same. The auto and banking industries—among the hardest hit in the recession—cling to old ways, refusing to truly reform. Even the push for sustainability falls flat. Bloomberg himself admitted, “no one knows what [going green] means.” The failure to link green energy with reducing foreign oil dependence reveals just how deeply special interests dominate the system.
Deception at the Top
Why this pattern? Because many elites have stopped working for meaningful change. Instead, they chase self-glorification over service. Consider health care reform—an example not of policy failure, but of credibility failure. When the public no longer trusts your motives, even progress feels like manipulation. Politicians and business leaders on both sides are guilty.
Meanwhile, money fuels the deception. Billions move like Monopoly money, traded for promises to be paid later. Yet it’s public money—taxpayer and shareholder wealth—being handled with shocking disregard. With no accountability, there’s no correction, and the cycle repeats. The recent passing of Senator Ted Kennedy was a rare reminder of what lifelong public service once stood for. Sadly, his legacy feels buried beneath bureaucracy.
Public Outrage and Media Reality
Ironically, the public isn’t fooled. People are angry, anxious, and increasingly disillusioned. Some dismiss this as irrational behavior—but in a heavily curated media world, who can blame them?
Which leads to an interesting idea: maybe the real truth-tellers aren’t politicians or traditional media, but platforms like Twitter, YouTube, or even tabloid outlets like TMZ and National Enquirer. These unconventional sources often cut through spin faster than the evening news ever could.
Facing the Future
If Patrick is right and we’re entering the “honesty decade,” then we’ve got a lot of housecleaning to do from the “deception decade.” Until then, expect more frustration. More ousting of ineffective leaders. More outrage at CEOs in their glass towers. But will real change happen? That depends.
From “Me” to “We”?
In the end, the only real path forward is personal action. Change won’t come from institutions—it will come when individuals stop thinking only about themselves and start acting for the collective good.
Sure, it’s hard to care about the bigger picture when your own world feels upside down. But until we move from “Me” to “We,” progress will be slow.
Will the next decade be the “Me to We” decade? Maybe not—“Mewee” does sound like a forgotten Peanuts character. But hey, it’s a start.
Got a better name for this next chapter? I’m all ears.