November 20, 2008 / 8:06 PM / 11 years ago

Marsal to take over as Lehman CEO at end of year

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.

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

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