• Most Popular
  • Most Shared

Marsal to take over as Lehman CEO at end of year

NEW YORK
Thu Nov 20, 2008 3:14pm EST
The Lehman Brothers booth on the trading floor of the New York Stock Exchange in this September 16, 2008 file photo. REUTERS/Brendan McDermid

NEW YORK (Reuters) - Bryan Marsal, currently chief restructuring officer of bankrupt Lehman Brothers Holdings Inc, will take over as chief executive of the company after the close of business on December 31, a lawyer for the company said in court on Thursday.

Crisis in Credit

Marsal, a co-founder of turnaround advisory firm Alvarez & Marsal, will succeed Richard Fuld in the role, Harvey Miller, a lawyer representing Lehman, said at a hearing in the U.S. bankruptcy court in Manhattan on Thursday.

Miller said Lehman's board of directors has approved the change.

As part of a status update to the court, Miller said Lehman has recovered about $3.5 billion for the benefit of the company's creditors.

He also said the company has discovered it needs to analyze about 1 million intercompany derivatives transactions in addition to about 450,000 external derivatives transactions involving 8,000 counterparties.

He said the majority of the company's staff will be devoted to unwinding the derivatives trades.

Miller further said the company and its creditors committee is planning to present in January a mutually agreed upon motion to the court to appoint an examiner to probe activities surrounding Lehman's collapse.

(Reporting by Emily Chasan, editing by Gerald E. McCormick)
Crisis in Credit


More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets