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BofA Begins Succession Plans for CEO Lewis: Sources

Friday, 26 Jun 2009 | 2:25 PM ET

The search for Bank of America CEO Ken Lewis' successor has heated up in wake of the ongoing controversy between him and Federal Reserve Chairman Ben Bernanke, CNBC has learned.

BofA's CEO Succession Plan
BofA has started the succession process for Ken Lewis, reports CNBC's Charlie Gasparino.

Bank of America board members have begun contacting possible replacements, looking both inside and outside the bank's existing board, according to sources.

Potential successors include Brian Moynihan, BofA's president of global banking and wealth management, and Chief Financial Officer Joe Price. The buzz as of now, though, is that the firm is looking to bring in someone from outside.

Lewis could be ousted anywhere between now and three years from now, sources said.

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