Lehman ousts chief financial, operating officers

[Amerigo Vespucci]

Source: MSNBC

NEW YORK - Lehman Brothers says Chief Financial Officer Erin Callan and Chief Operating Officer Joseph Gregory have been removed from their positions, days after the investment bank announced a $3 billion quarterly loss.

The company says the changes are effective immediately.

Callan will remain with Lehman in its investment banking division, but it was unclear if Gregory will retain a position. Herbert McDade will succeed Gregory, and Ian Lowitt will take over for Callan.

Callan has been CFO last September. She has been under pressure after Lehman was forced to raise $6 billion in new capital.

Read more: http://www.msnbc.msn.com/id/25116566/

[Alcibiades]

1. After a while they will run out of people to fire

And the deep doo doo in the financial sector gets deeper.

[pattmarty]

2. Does that mean they won't be getting a "golden parachute"?

[underpants]

3. Here are their bios

http://www.lehman.com/who/bios/

their whole lives have been golden parachutes

[Tandalayo_Scheisskopf]

4. Did you read...

All the way down to the bottom, to the bio of one "George H. Walker"? You don't think...naah...I mean you don't really think...?

I mean, them Walkers have not shown a lot of imagination when it comes to that name. They use it one hell of a lot.

[seafan]

5. Maybe now, Jeb can take over. Being merely a board member is SO beneath him.

Forbes: Jeb Bush involvement with Lehman raises questions in Florida investment fund debacle, December 1, 2007