Erin Callan Steps Down At Lehman Bros.

by Heather

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

It was recently announced that Erin Callan has stepped down from his position as CEO at Lehman Bros. (LEH)

According to reports, he will be replaced by Ian Lowett immediately. Unlike many other CEO’s that have left their position, Callan will stay with the company in a Senior position in their investment banking division. Callan was Chief Executive Officer for 7 months.

Lehman Brothers also reports that Herbert McDade III will replace Joseph Gregory as chief operating officer, also effective immediately.

Lehman Bros. recently announced a 3 billion dollar quarterly loss. This is the first time the company has reported a loss since becoming a publicly traded company in 1994.

Shares are down in late morning trading.

If you enjoyed this post, Grab the free Superior Investor Blog full RSS feed!.